New major discovery in Russian sector of Caspian Sea
TsentrCaspneftegaz, a joint venture set up by Gazprom and LUKOIL on a parity basis, has discovered a major oil and gas condensate field within the Tsentralnaya structure. The structure is located in the central part of the Middle Caspian Sea on the border between Russia and Kazakhstan. The field was discovered with the very first exploration well.
During the field survey a sweet crude oil flow to surface occurred. Currently the well surveying is underway. 3D seismic operations are planned to define the reservoir size and contours.
The Tsentralnaya structure is located within the Russian sector of the Caspian Sea offshore area 150 km east of Makhachkala.
In June 2003 Gazprom and LUKOIL established TsentrCaspneftegaz on a parity basis under the Protocol Agreement inked between Russia and Kazakhstan on the delimitation of the Northern Caspian Sea bed. The Agreement was singed by the Presidents of Russia and Kazakhstan in May 2002.
Pursuant to the Agreement the Tsentralnaya structure was handed over to Russia provided that in case commercial hydrocarbon reserves are discovered they will be developed on a parity basis by Russia and Kazakhstan.
TsentrCaspneftegaz acts as a company authorized by the Russian Federation to develop the Tsentralnaya structure jointly with NK KazMunaiGaz authorized by the Republic of Kazakhstan.