facebook
twitter
rss
account
search
search
 

Moscow, Astana consider oil joint venture

May 18, 2012 at 7:33 AM   |   Comments

MOSCOW, May 18 (UPI) -- A joint venture between Russia and Kazakhstan targets the hydrocarbon potential in the Caspian Sea, a Russian oil executive said.

A license between a Russian energy company for work on the Kazakh continental shelf in the Caspian Sea expired in 2009.

Russian oil company Lukoil President Vagit Alekperov said a joint venture to develop the field was in the works.

"Currently the joint venture is being established and we hope that it will be registered soon and receive a license for exploration and production," he was quoted by the energy reporting Web site Rigzone as saying.

There was no reserve estimate or timeline indicated by Alekperov. The U.S. Energy Department's Energy Information Administration notes Kazakhstan has the second-largest oil reserves among former Soviet republics.

Offshore oil reserves are estimated by the EIA at around 14 billion barrels.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Freedom variant LCS takes to water Freedom variant LCS takes to water
2
MDA demos tracking, targeting capability of Aegis MDA demos tracking, targeting capability of Aegis
3
CNN absent from the Dish Network lineup CNN absent from the Dish Network lineup
4
Iraq seeks thousands of tank rounds Iraq seeks thousands of tank rounds
5
Australia upgrading Tiger helos; receives MH-60R from U.S. Australia upgrading Tiger helos; receives MH-60R from U.S.
Trending News
Around the Web
x
Feedback