LONDON, April 24 (RIA Novosti) - LUKoil [RTS: LKOH] is planning to commission an oil deposit in northern Russia in late 2007 or early 2008, the largest Russian crude producer's president said Tuesday.
The Yuzhno-Khylchuyuskoye deposit, developed jointly with U.S. energy giant ConocoPhillips, holds 500 million barrels in proven reserves. Output at the deposit is expected to reach a projected 7.5 million tons (150,000 bbl/d) in 2009.
Vagit Alekperov said at a project presentation in London that the company is building a 160-kilometer (100-mile) pipeline to the site and a transportation terminal with a capacity of 16 million tons (117 million bbl).
LUKoil owns 70% in the project.
