LUKoil plans oil output increase in north of Caspian

He said LUKoil's oil output in the region would be over 20 million tonnes by 2022 and remain at this level over successive ten years.

"But a maximum level of the gas output in the north of the Caspian will be reached in 2023-26 and make more than 18 billion cubic meters," Alekperov said, Itar-Tass informs.

Northern Caspian deposits are to begin to be used first.

Large-scale hydrocarbon extraction will be started at the Korchagin deposit in 2009.

Gas will go to the internal market and be used at the gas chemical plant that LUKoil is to build in the south of Russia.

"But we are going to export oil. The choice of routes will be made after talks with Transneft, the Caspian Pipeline Consortium (CPC) and authorised agencies of Azerbaijan and Iran," Alekperov said.

Foreign investment in the Caspian fuel and energy sector has been 50 billion dollars over 12 years.

Alekperov said a next step would be the integration of pipeline systems of Kazakhstan and expansion of CPC capacities.