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V. Filanovsky field

V. Filanovsky field is the second Caspian field to be launched by LUKOIL. LUKOIL discovered the field in 2005 in the Russian Caspian Sea, 190 km off Astrakhan at depths between 7 and 11 meters. This is one of Russia's largest offshore oil fields with 129 mln t and 30 bcm of recoverable reserves of oil and gas respectively.

Commercial production at the field started on October 31, 2016 when Phase 1 of the field construction was launched. The Phase 1 infrastructure includes the Riser Unit (RU), Ice Resistant Platform (IRP),Central Processing Platform (CPP), Living Quarters Platform (LQP), and Head Onshore Facilities (HOF).The field has a unique geology: highly permeable collectors yield record high initial flow rates.

In 2016, three horizontal wells were drilled, each more than 3,000 meters in total measured depth, with their horizontal sections reaching beyond 1,000 meters. The initial flow rate of each well exceeded 3,000 tonnes per day, which is 80x higher than average for the other new wells drilled by the Company. The field produces high quality light low-sulphur oil.

The field's output is exported via the pipeline system operated by the Caspian Pipeline Consortium (CPC). The oil quality bank maintained by the CPC ensures that the Company gets fair selling prices that reflect the high quality of its crude. Since 2017, the associated petroleum gas from the field is scheduled for supply to the Stavrolen oil and gas chemical complex to be further processed into marketable gas and petrochemical products. The field's infrastructure drives considerable synergies for other Caspian projects. Specifically, the production start-up at the field enabled us to start oil shipments from the Yu. Korchagin field via the CPC pipeline system, reducing transportation costs. Further projects that are planned to be developed by the Company in the Caspian will also seek to capture synergies withthe V. Filanovsky field infrastructure. For example, the output from the Rakushechnoye field is to be delivered for treatment to the V. Filanovsky field's CPP and then exported via the CPC pipeline system. The Yu. Kuvykin field can also benefit from the transportation infrastructure of the V. Filanovsky field.

As of today, LUKOIL continues facility construction for the Phase 2 of Filanovsky field development. It is expected that Phase 2 construction and assembly operations will have been completed by the end of 2017.

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