The company is embarking on a second two-year appraisal drilling programme, despite its first drilling foray in 2010 and 2011 not confirming any commercial hydrocarbon reserves.
Andrey Kuzyayev, executive director of Lukoil’s foreign operations subsidiary Lukoil Overseas, said the company has already spent about $1 billion on seismic activities and drilling seven deep-water wells in the region since its entry in 2006.
However,
