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Putin brings oilfield in offshore Caspian region to commercial operation

Recoverable resources of oil and natural gas of Filanovsky field amount to 153.1 mln tonnes and 32.2 bln cubic meters respectively

ASTRAKHAN, October 31. /TASS/. Russian President Vladimir Putin took part in launching the commercial operation of Filanovsky oilfield in the Caspian Sea via videoconference on Monday.

The head of state congratulated employees of Lukoil and other developers of infrastructure for hydrocarbons production on the field with its commissioning. "This is a very serious, significant step in development of the whole oil and gas sector of Russia and an opportunity of continuing development for the Caspian region, not merely oil and gas sector but all related companies also," Putin said.

Oilfield preparatory work was completed with proper quality and due time. The oilfield commissioning ceremony was attended by Chief Executive Officer of Lukoil Vagit Alekperov and Governor of Astrakhan Region Alexander Zhilkin.

The Filanovsky oil and gas field on the Caspian Sea will reach the production capacity of 6 mln tonnes by 2019, President of Lukoil oil major Vagit Alekperov told reporters.

"We think that in two years and a half we will reach that level," he said.

According to Alekperov, in 2017, the company plans to produce 1.5 mln tonnes on the field.

Filanovsky field was discovered in 2005. Recoverable resources of oil and natural gas amount to 153.1 mln tonnes and 32.2 bln cubic meters respectively. Lukoil is the oilfield operator. The company intends to build over 25 platforms to tap fields in the Northern Caspian, with investments to be over 350 bln rubles ($5.5 bln).