Lukoil has reached another milestone with ten million tonnes of oil supplied from its Vladimir Filanovsky Field to the Caspian Pipeline Consortium (CPC) system, the company said on March 14.
Lukoil constructed a system of subsea and onshore pipelines to ship oil ashore. Before oil enters the CPC system and goes on for export, it is delivered to a tank farm of head onshore facilities.
The company exports oil in full compliance with the health, safety and environmental protection standards and operates all of its offshore facilities on the zero discharge principle. It means that the waste is transported on shore for safe utilization and recycling.
Eco said the Orinduik Block contained 3.5 billion barrels of recoverable oil and 2.84 trillion cubic feet of associated gas.
The latest forecast said North Slope production is expected to increase in the coming fiscal year to 529,000 bbl/d, then decline for several years, hitting a low of 469,100 bbl/d in 2024.
Abu Dhabi National Oil Co. (ADNOC) awarded Japan’s Inpex Corp. an onshore exploration concession in Abu Dhabi's competitive block bid round, ADNOC said in a statement on March 17.