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Lukoil commissions arctic oil field

Company estimates 1.4 billion barrels of oil in West Siberian complex.

By Daniel J. Graeber

MOSCOW, Oct. 9 (UPI) -- The start of operations at an oil field in West Siberia is a sign the Russian energy sector remains competitive, Russia's deputy prime minister said.

Deputy Prime Minister Arkady Dvorkovich joined Lukoil President Vagit Alekperov for the commissioning of the Imilorskoye in West Siberia.

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Dvorkovich said tapping into the field is a testament to the technological know-how of the oil company's employees.

"I am sure that this is an important indicator of the competitiveness of the Russian fuel-and-energy complex," he said in a statement.

Lukoil was among the companies sanctioned by Western governments in response to Russia's role in the eastern Ukrainian conflict.

The company estimates the complex of fields in the West Siberian region holds around 1.4 billion barrels of oil. Alekperov said commissioning came six months ahead of schedule.

"[Imilorskoye] is strategically important for the development of LUKOIL," he said.

The development plan calls for the restart of more than a dozen legacy wells.

Lukoil is Russia's largest non-state operated oil company.

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