FX.co ★ Giant oil field found near Astrakhan in Russia

A new oil field has been discovered in Russia, Business FM reports, citing Russia’s Natural Resources Minister Sergei Donskoi. The giant field, called "Velikoye", is located in the Astrakhan region. Its reserves are estimated at 300 million tons of oil and 90 billion cubic meters of natural gas.
It has been the largest oil field discovered in recent years. According to Donskoi, it proves the gas and oil potential of the Astrakhan region. The previous huge discovery was also made in the Astrakhan region. In 2006, geologists of Lukoil found Filanovsky deposit holding over 150 million tons of oil on the Caspian shelf.
Oil and gas company AFB which has been working in the Astrakhan region for a few years is expected to deal with developing the field Velikoye. Two years ago, the company found out 140 million tons of oil on the neighboring site near Tambov.
The company can extract oil on its own or attract a partner. Meanwhile, Rosneft and Lukoil are being considered to be feasible co-partners as their assets are located in the neighboring regions. Besides, all major oil and gas industry players are likely to show an interest in the project, taking into account the shortage of rich hydrocarbon deposits on land.
Vanqor was the latest massive inland field discovered by geologists in 1988. Its reserves exceed 500 million tons of oil. Rosneft is engaged in the field exploitation. Two years ago, the state sold licenses on developing several oil fields such as Lodochnoye, Spielmann, and Imilorskoe which were assessed as the largest for the time being. Rosneft, Surgutneftegas, and Lukoil respectively obtained the rights to develop them.