Lukoil may launch D33 block of Baltic Sea shelf in 2023

MOSCOW, Mar 10 (PRIME) -- Russian oil major Lukoil plans to make a final investment decision on the D33 block of the Baltic Sea shelf very soon, and may launch production at the site in 2023, First Vice President Azat Shamsuarov said in a conference call on Wednesday.

“Speaking of the Baltic Sea shelf, we’ve finished development of the design documentation for the D33 field, we’ve received necessary coordination for the start of the project. We plan to make a final investment decision very soon. The field’s launch is possible in 2023 with a projected capacity of 1.5 million tonnes of oil per year,” he said.

He also said that Lukoil planned to raise production of natural gas by 10% on the year in 2021 due to projects in Uzbekistan.

First Vice President Alexander Matytsyn said that Lukoil was also considering different options of withdrawing from the non-core power assets, including through a sale.

“In order to improve the focus on core businesses and create additional shareholder value, we are considering withdrawal from the power business, which is non-core business for us, from the group. We are studying different options ranging from the sale to a strategic investor to the payment of shares of the power company as dividends to our shareholders,” he said.

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