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North Russia oil field to come on stream by early 2008 - LUKoil

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LONDON, April 24 (RIA Novosti) - LUKoil [RTS: LKOH] is planning to commission an oil deposit in northern Russia in late 2007 or early 2008, the largest Russian crude producer's president said Tuesday.

The Yuzhno-Khylchuyuskoye deposit, developed jointly with U.S. energy giant ConocoPhillips, holds 500 million barrels in proven reserves. Output at the deposit is expected to reach a projected 7.5 million tons (150,000 bbl/d) in 2009.

Vagit Alekperov said at a project presentation in London that the company is building a 160-kilometer (100-mile) pipeline to the site and a transportation terminal with a capacity of 16 million tons (117 million bbl).

LUKoil owns 70% in the project.

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