Russia's Lukoil completed the construction and commissioning of the fifth production well at Vladimir Filanovsky offshore field in the Caspian Sea, the company said on Wednesday.
Lukoil noted that it has also commenced the construction of its sixth well.
According to Lukoil, the Vladimir Filanovsky offshore field is one of Russia’s largest.
The company said the new well has significantly increased the field’s daily production with over 14 thousand tons of oil produced on June 13, 2017, or 5 million tons on an annualized basis.
The Vladimir Filanovsky field, discovered in 2005 in the Russian Caspian sea, became operational in 2016 and has a peak annual production rate of 6 million tons of oil.
Lukoil said that well developments at the field are running on schedule.
By Murat Temizer