A New Oil and Gas Province in the Caspian Sea Discovered
Following its exploration activities within Severnyi area of the Caspian Sea, LUKOIL discovers the first oil-gas-condensate field with 450 million tons of indicated oil and gas reserves. The field was named after Yuriy Korchagin, a former secretary of PJSC LUKOIL Board of Directors.
In 1999, LUKOIL starts exploration drilling activities in the northern Caspian Sea. Over the next few years the Company discovers eight more large oil and gas fields and 10 prospective oil and gas structures in this region.
On July 21, 2000, Russian President Vladimir Putin sent a congratulation letter in connection with the discovery of oil reserves in the northern Caspian Sea. In his address Russian President highly valued the use of environmentally safe techniques that meet state-of-the-art standards. "Care for unique nature of the Caspian Sea is an indispensable precondition for this Oblast to become one of the country's major oil and gas production regions. Only this way we will be able to capture the huge potential of Astrakhan Oblast, one of the Russia's key dynamically developing regions", Vladimir Putin noted in his message.
Fortune Global 500 Rating of the World's Largest Companies Assigned
Fortune Global 500 is an annual rating of the world’s top 500 largest companies that is based on the companies’ revenue. The rating has been assigned by U.S. business magazine Fortune since 1955.
Share Capital Flow
Following the acquisition by ARCO, British Petroleum becomes holder of a 7% stake in PJSC LUKOIL. In early 2001, BP announces of its intention to sell its stake in LUKOIL. Three percent of shares were converted into ADRs and sold on the open market, while convertible bonds were issued against the remaining 4% of LUKOIL’s securities. In January 2003, BP starts converting the bonds into the Company’s shares thus withdrawing from the Company’s capital.
U.S. Retail Market of Petroleum Products Entered
LUKOIL enters the U.S. retail market of petroleum products having completed the acquisition of Getty Petroleum Marketing Inc. that operated 1,260 service stations in thirteen states of the U.S. Northeast.
New Generation Engine Oils Produced
New generation engine oils LUKOIL-LUXE and LUKOIL-SYNTHETIC of Perm refinery were presented. For the first time ever domestically made lubricants received the API mark (American Petroleum Institute) as products certified and licensed according to the international standards.