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Gunvor may start exploration drilling in Caspian Sea by 2018 year-end

October 18, 2017, 20:45 UTC+3 LONDON

The company is currently doing some seismic work

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LONDON, October 18. /TASS/. Gunvor Group that resumed investments into drilling on Morskoe Oilfield in the Caspian Sea will start exploration drilling in the project by 2018 year-end, Chief Executive Officer of the oil trader Torbjorn Tornqvist told TASS on Wednesday on the sidelines of the Oil & Money conference.

"We are doing some seismic work there. I do not have the exact number. This field working is within the seismic work," he said. "We are spending money this year and will also spend money in the next year," Tornqvist said. "There will be more next year than this year," the top manager said when questioned about company’s investments increase.

"I think, probably the earliest when we will do something will be at the end of the next year - early 2019," Tornqvist said responding to a question regarding the drilling start on the field.

Morskoe Oilfield with recoverable resources of 5.7 mln tonnes under C1 Category was discovered in Lagansky Block, the North Caspian.

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