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.

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