Lukoil turns to Mediterranean
Auther - Unknown Enter Date - 2013-01-28
Russia’s Lukoil is considering expanding
operations to the Lebanon despite the ongoing civil war in neighboring
Syria, and potential risks from regional politics.

Lukoil already operates in West Africa and Romania,
may become the first Russian company drilling in the Lebanon if it wins
a tender to develop the Mediterranean shelf on February, 1.

The firm plans to develop the project in the Lebanon as part of a
consortium, the head of Lukoil, Vagit Alekperov told RT Business:

“After the discoveries that were made in Israel and Cyprus, we consider
the East Mediterranean a possible new oil-and-gas region. Lukoil is a
big oil firm with experience of shelf development. We are now drilling
in West Africa in 3 kilometer deep water; we developed deposits in the
Baltic, Azov and Caspian seas, so we think we must participate in
development of the new regions.”

The company is up against some
tough international competition for the contract, including Chevron and
Exxon Mobil from the US and France’s Total. It’s also competing against
fellow Russian company Gazprom.