Russia is a dominant force in the world's petroleum industry, holding proved oil reserves of 74 billion barrels at the end of 2009 and gas reserves of 1700 Tcf. Russia produced an average of 10 million bopd 2009, about 13% of the world total and only second to Saudi Arabia. Russia's economy is heavily dependent on oil and natural gas exports which generate more than 60% of Russia's export revenues.
Luzskoye Oil Field and the Chikshina Discovery
The Luzskoye oil field and the Chikshina oil discovery, controlled 100% by KEC, are situated in the Pechora Basin of Russia. KEC acquired the Chikshina and Luzskoye field license in April 2007 with the contract expiring in 2014. The block is located in the Komi Republic 52 km. from Pechora. The acreage holds a number of structures with target reservoirs being Asselian to Carboniferous in age. Depths range from 1100 - 1800 m.
The 2010 development program on these KEC-operated blocks includes two development wells in the Luzskoye field, a major upgrade to the Central Production Facility and acquiring 3D seismic data of the Chikshina Block.
KEC's 100%-controlled Russian assets Luzskoye oil Field and Chikshina oil discovery in the Pechora Basin
KEC activities include development wells in the Luzskoye field and a major upgrade to the Central Production Facility (CPF) and the 2010 Chikshina exploration work program includes acquiring 3D seismic data
Exploration blocks cover 25 square kilometres
Studies will assess unconventional reservoirs as well as application of unconventional technologies to enhance conventional reservoir production
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