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    LUKOIL OVERSEAS DEVELOPS KAZAKH OIL FIELDS IN CASPIAN

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    MOSCOW, April 14 (RIA Novosti) - The Lukoil Overseas company prophesies commercial discovery of hydrocarbons in the Tyub-Karagan and Atashski sites in the Kazakh sector of the Caspian sea in 2005, the company's press release says.

    Start of production is forecasted for 2012. The rated maximal production is 7.2 million tonnes annually, accumulated production of oil (by the time of the contract expiry) - 110 million tonnes, accumulated production of gas 19.1 billion cubic meters. The forecasted geological resources are 388 million tonnes of conventional fuel, including 324.3 million tonnes of oil. The number of producing wells is 83, of them oil wells - 79, gas wells - four. The base document is the product-sharing agreement for a term of 40 years.

    The forecasted geological reserves of the Atashski site are 248.8 million tonnes of conventional fuel, including 141,7 million tonnes of oil. The base document is a 3-year survey contract with the right to be prolonged for another four years.

    In case of discovery of commercial oil reserves, the contractor enjoys the priority right for talks with a competent organ of the Republic of Kazakhstan for concluding a production contract.

    As reported before, the Tyub-Karagan and Atashski projects, in keeping with the basic documents signed in Astana on January 9, 2004, are carried out on the parity basis by the Lukoil Overseas and the National Oil and Gas Company of the Republic of Kazakhstan Kazmunaigas in the person of the subsidiary Kazmunaiteniz, specialising in marine projects.

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