Lukoil Begins Phase 2 Drilling at Filanovksy Field in Caspian Sea

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.

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.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

December 07, 2017 07:26 ET (12:26 GMT)