Lukoil to Spend $29 Billion on North Caspian Oil, Interfax Says

OAO Lukoil, Russia’s second-largest oil producer, plans to spend $29 billion developing oil and gas fields in the North Caspian Sea to 2025, Interfax said, citing Chief Executive Officer Vagit Alekperov in Astrakhan, Russia.

The Moscow-based company will invest in developing the Filanovsky deposit, to begin output in 2015, and the Korchagin field, which is already producing, Interfax said citing Alekperov.

To contact the reporter on this story: Stephen Bierman in Moscow sbierman1@bloomberg.net.

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net.

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