Gazprom and Lukoil to explore Caspian oil field

Gazprom and Russia's largest independent oil company, Lukoil, have discovered a major oil field following exploration at the Tsentralnaya site in the Caspian Sea.

The site, in the Russian sector of the Caspian near the border with Kazakhstan, could hold up to 3.8 billion barrels of oil and 90 billion cubic metres of gas.

Lukoil closed up 4.7% and Gazprom finished up 1.7% in Moscow on news of the find.