MOSCOW -- Lukoil and Rosneft have signed an agreement on long-term exploration and production cooperation in Russia. This includes exploration in the Caspian Sea and the Sea of Azov.
Both companies currently have a 42.5% share in Priazovneft, a venture engaged in developing the Temryuksko-Akhtarsk license area in the Azov Sea.
In 2008, the Novoye oil field was discovered in this area with recoverable reserves estimated in the range 0.87 – 2.25 million tons of oil; and 319 - 820 MMcm (11.2 – 29 tcf) of gas. Seismic studies are in progress.
They also each have 49.9% in the Caspian Oil Co. (KNK), which in 2008 discovered the Zapadno-Rakushechnoye oil field in the northern sector of the Caspian Sea. In 2010, another well was drilled on the Ukatnaya structure, leading to a non-commercial discovery.