RusEnergy

19 September 2007 - Upstream OnLine - Russian player Lukoil said today that it and partner ConocoPhillips hope to seal exploration deals for three blocks in Turkmenistan's offshore play by the end of the year. Lukoil, which is 20% owned by ConocoPhillips, won the right to explore the blocks in the Turkmen sector of the Caspian Sea in June. "Talks with the Turkmen Energy Ministry are ongoing... We hope to conclude these and sign a contract towards the end of this year," Reuters quoted Lukoil boss Vagit Alekperov as telling reporters at a business conference in Moscow. ConocoPhillips will be Lukoil's partner in Turkmenistan and both companies will hold 50% stakes in the project. "We think the shelves contain both gas and oil," Alekperov said, without giving further details.