Caspian Oil Company has been granted the right to explore the Caspian-based Zapadno-Rakushechnoye oil deposit for future production. According to the records of the RF Government Meeting on subsurface management and transportation of hydrocarbons on the Caspian Sea, this was announced by the Prime Minister Dmitry Medvedev. He said this company is represented by some of those present – Rosneft and LUKoil with equal shares, and Gazprom, which owns a bit of stock.
Zapadno-Rakushechnoye oil deposit is located in the northern sector of the Caspian Sea. It was discovered in 2008. The deposit operator is Caspian Oil Company with Rosneft holding 49.892%, Lukoil – 49.892% and Gazprom – 0.216%.