MOSCOW (MRC) -- Lukoil announces discovery of an oil field within the Yoti West structure at Block 12 offshore Mexico, said the company.
The field was discovered after drilling the first exploration well. According to preliminary estimates, the initial oil in place reaches 250 million barrels.
The Yoti West-1 EXP well was drilled 60 km offshore from the Valaris 8505 semi-submersible platform. The well penetrated a sand reservoir in Upper Miocene sediments with high permeability and effective oil-saturated thickness of about 25 meters. An assessment plan for the Yoti West field is planned to be developed based on drilling results.
In 2017, Lukoil Upstream Mexico (part of LUKOIL Group) obtained the right for exploration and production of hydrocarbons at Block 12 in the Gulf of Mexico. The Block has an area of 521 square kilometers. The stakeholders are LUKOIL Upstream Mexico – 60% (project operator), and Eni – 40%. Two successful exploration wells were previously drilled at Block 10 offshore Mexico where Lukoil owns 20% and Eni is the operator. The resource base of the Block is currently being assessed based on drilling results.
As per MRC, Lukoil has submitted to Iraq's oil ministry a preliminary development proposal for Eridu field, which may yield an estimated 250,000 b/d at peak, helping OPEC's second biggest producer in its efforts to boost crude production capacity. The proposal's submission will allow the ministry to study and approve the field's development, the ministry said in a Nov. 12 statement. Initial indications point to Eridu holding potential resources ranging between 7 billion and 12 billion barrels, the ministry added.
As per ICIS-MRC Price Report, Stavrolen, subsidiary of Lukoil, resumed its polypropylene (PP) production capacities after an scheduled turnaround. According to the company's clients, by 11 November, Stavrolen completely resumed PP production after a planned shutdown for scheduled maintenance works, which started on 16 October. The plant"s annual production capacity is 120,000 tonnes.
Lukoil is one of the leading vertically integrated oil companies in Russia. The main activities of the company include operations for the exploration and production of oil and gas, production and sale of petroleum products. Lukoil is the second largest privately-owned oil company in the world in terms of proven hydrocarbon reserves. The structure of Lukoil includes one of the largest petrochemical enterprises in Russia - Stavrolen.