Building a world of
resilient communities.

MAIN LIST

 

LUKoil discovered five offshore fields

Russian oil major LUKoil announced reserves in Russia's sector of the Caspian Sea may compose total 33 billion barrels of oil equivalent.

LUKoil vice president Anatoly Novikov said the company had discovered five offshore fields in the sector of the Caspian Sea in recent years and planned to start producing by 2008.

LUKoil, which has the world's second biggest oil reserves among private oil majors after U.S. major ExxonMobil, has in the past delivered conflicting estimates of its Caspian fields.

The firm has said the majority of fields contained gas, which is very difficult to ship out from the land-locked sea due to limited market interest in neighboring states except Turkey.

Russia remains one of the few places in the world where oil majors can still book huge reserves, but investors usually focus on Siberia, rather than the Caspian Sea.

The Russian sector of the Caspian Sea is considered to be less explored than Azerbaijan's or Kazakhstan's because LUKoil only began working on it at the end of the 1990s.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Naomi Klein & the Let­down of the Leap Manifesto: Poli­tics Doesn't Trump Physics, Nor the Economics of Collapse (part 2/3)

Politics can be egalitarian when going up Hubbert's Curve, but it's a whole …

Carbon Tracker Analysis: ‘Renewables are Already Outcompeting Fossil Fuels’

Clean technologies are already cheaper, on average, than the incumbent …

Timeline: The Past, Present and Future of Germany’s Energiewende

The Energiewende (energy transition) is an internationally recognised …

The Sower's Way: the Path for the Future

Our paper on "The Sower's Way" has been published in the IOP …

Just 16,000 Catenary Trucks Would Use All of California’s Electricity with only 2400 to 8300 Miles of Overhead Wires

It makes sense to electrify trucks since fuel from oil, coal, and natural …

The Energy-Water Nexus  

Energy and water are inextricably linked: It takes energy to supply water, …

Peak Oil Review - Sept 19 2016

 A weekly roundup of peak oil news, including: -Quote of the week …