Lukoil PJSC (LKOH.MZ) said Thursday that it has started drilling the first production well at phase 2 of its Vladimir Filanovsky offshore oil field in the Caspian Sea.
The Russian oil company said drilling is expected to be completed in early 2018, and that the phase 2 facilities will allow it to reach stable production of 6 million tons of oil a year.
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Lukoil said that currently there are six production and two injection wells operating at the phase 1 facilities, and cumulative production has surpassed 5 million tons of oil.
Shares in Moscow are down 15.50 rubles, or 0.5%, at 3387.50 rubles at 1206 GMT.
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(END) Dow Jones Newswires
December 07, 2017 07:26 ET (12:26 GMT)