Gazprom, Lukoil discuss regional assets

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MOSCOW, Sept. 14 (UPI) -- Russian natural gas company Gazprom said it hosted delegates from oil company Lukoil to discuss reserves in the Caspian Sea and northern Russia.

Alexei Miller, the top executive at Gazprom, met with Lukoil President Vagit Alekperov, in Moscow to discuss work outlined in a 2005 strategic partnership agreement.

Gazprom said the discussions focused on the Bolshekhetskaya deposit near the Kara Sea and on deposits in the Caspian region.

Lukoil in a 2008 annual report estimated the so-called Bolshekhetskaya Depression was producing around 790 billion cubic feet of natural gas per year. The company said it agreed to deliver some of that gas to a regional compressor station that's part of Gazprom's transit network.

Gazprom said its strategic agreement with Lukoil outlines work in north Russia near the Yamal-Nenets autonomous region as well as the Russian sector of the Caspian Sea.

The Caspian Sea has some of the richest deposits of oil and natural gas.