Alekperov about LUKOIL's two new projects in Azerbaijan

Alekperov about LUKOIL's two new projects in Azerbaijan

Russia's LUKOIL company is showing interest in two projects in Azerbaijan, the company's Chief Executive Vagit Alekperov said. 

“We are in talks with the Azerbaijani side and we hope to complete them in the first quarter of 2020. We are interested in two projects, but I will not disclose them, since no agreement has been signed on those projects yet," he told Kommersant newspaper.

Alekperov recalled that it was in Kazakhstan and Azerbaijan that the company implemented its first projects. "Currently, we are probably the only company engaged in geology and paleoformation of hydrocarbon reserves in the Caspian basin, which we once studied in detail. This enabled us to focus on the most effective fields,” Alekperov added.

Thus, Alekperov noted that currently the company is implementing work on interpretation of historical seismic and geological material, which was provided by Kazakhstan's KazMunayGas National Company. “At the same time, new law developed with our participation will give us opportunity to receive reasonably good rate of return and have KazMunayGas as a partner," he added.

At the same time he stressed that LUKOIL is expecting that hydrocarbons reserves at Zhenis block in Kazakhstan will be no less that 500-700 million barrels (approximately 70-100 million tons).

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