Lukoil values project for oil production at Varandei field at RUB 130 bn

Lukoil values the project for oil production at the Varandei field on the Arctic shelf at RUB 130 bn, Lukoil head, Vagit Alikperov said at a meeting with Russian PM, Vladimir Putin. He highlighted that the profitability of this project, for which Lukoil had erected a unique oil platform, with account for all expenses, would amount to 13% a year. According to Alikperov, the platform will produce about 7,000 tons of oil a day. "This is a unique project. It clearly does not have any analogues. It operates at the most northerly possible latitudes. It was constructed so that in air temperatures of -60 degrees centigrade, the pipes give out warmth and the oil does not freeze" he said. Alikperov highlighted that the platform had been assembled in Kaliningrad with use of Russian technologies.