LUKoil Wants More»

Russian oil major Lukoil hold an interest in increasing its share in Zykh-Govsany block development contract, president of the State Oil Company of the Azerbaijani Republic Natik Aliyev said on Thursday.

LUKoil and SOCAR signed the contract for the Zykh and Govsany fields January 2001. The two companies each own 50% of the project, the projected cost of which is $250 million. The contract area is 128 square km, including a rehabilitation area of 52 square km. Residual oil reserves are estimated at 20 million tonnes. The term of the contract is 25 years.

At the moment SOCAR, with LUKoil's agreement, is working at the block independently.