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28 Apr, 2008 05:23

Russian oil giant to expand in the Caspian

Russia's biggest private oil company Lukoil is attempting to expand its presence abroad, with the Caspian region being among its top priorities. The oil giant plans to increase its gas output in Uzbekistan to a peak of 16 billion cubic metres in the next

Lukoil was the first foreign company to gain access to Uzbekistan's huge reserves, setting up a joint venture with Uzbekneftegas to develop the Khauzak gas field.

The company's latest project in the region is the purchase of the Gissar field operated by SNG Holdings. It plans to develop these projects on a bigger scale boosting investment by ten times. By 2015 it is expected to reach $US 5.5 billion.
Lukoil, though, is investing not only in technology and equipment but also in human resources.

The company's president Vagit Alekperov says the results could pay off for the company in other regions.

“Historically Uzbekistan has developed a unique school for training specialists in the oil and gas sector. Thus, we're considering Uzbekistan as a platform for training staff for our other projects, including those in regions like the Persian Gulf,” Alekperov said.