LUKoil: Oil extraction in Baltic Sea will not harm environment

Russian oil giant LUKoil is sure that extracting oil in the continental shelf of the Baltic Sea will not cause any environmental damage. 'Everything that LUKoil does is strictly in line with the obligatory standards and conditions,' the company press office announced today.

Our activity in the Kaliningrad Region is being observed by all the specialist organisations, we have passed all the inspections and we have taken all the necessary steps according to Russian legislation,' the company spokesman continued. 'We try to minimize all the possible risks as even the slightest accident could have serious implications for LUKoil that far outweigh any financial reward from developing the oil fields,' the press officer went on.

LUKoil is planning to start drilling at the D-6 oil field in the Baltic Sea at the end of 2003 or early 2004. The drilling platform is already being erected. The oil field is believed to contain 24 million tonnes of oil and there are plans to extract about 100-150 a year between 2004 and 2006 and then raise annual production to 600 thousand tonnes a year for the next 25-30 years.

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