RusEnergy

MOSCOW. Jan 25 (Interfax) - OOO LUKOIL-Nizhnevolzhskneft (a 100% subsidiary of LUKOIL) has acquired 51% minus 1 share of OAO Primorieneftegaz, for $261 million, Lukoil (PTC: LKOH) said in a statement on the London Stock Exchange Primorieneftegaz holds a license for geological exploration of the Poymenny area located 60 km north of Astrakhan. Primorieneftegaz discovered the Tsentralno-Astrakhanskoye gas and condensate field in that area in May 2004. Drilling of Primorskaya Well No. 1, 4,188 meters deep, resulted in commercial inflow with a daily rate of 262,200 cubic meters of gas and 110 cubic meters of condensate, the statement said. Approved C1+C2 reserves of the field are: - free gas - 1.2 trillion cubic meters; and condensate - 300 million tonnes. The probable and possible reserves are estimated at 2.76 billion barrels of oil equivalent. LUKOIL specialists believe that the production level at the Tsentralno-Astrakhanskoye gas and condensate field may be up to 20 billion cubic meters of gas and 8 million tonnes of condensate per year that will ensure stable production and refining of hydrocarbons during 30 years, the statement said.