MOSCOW (Sputnik) — LUKoil joined the PL 708 project, along with the PL 719 project, in the Norwegian sector of the Barents Sea in 2013. LUKoil represents 20 percent of the interests in the project. Sweden's Lundin represents 40 percent, followed by Italy's Edison with 20 percent, Norway's North Energy and the United Kingdom's Lime Petroleum with 10 percent each.
"We drilled one well in all. The result obtained is that the discovery is small, there is no positive economy envisioned. And now the issue being considered is whether [the project] will continue," Mandrik told reporters.
Mandrik said the withdrawal of one of the partners following the 2015 drilling at the production license raised questions whether other partners would buy its shares.
"In other words, it is now unclear whether the joint venture will continue," he stressed. "In order for it to survive, someone needs to buy this stake or increase [their own]. But since the result is ambiguous and there are no clear volunteers, there is likely to be a problem on this block."
