Lukoil turns to Mediterranean

Russia’s Lukoil is considering expanding operations to the Lebanon despite the ongoing civil war in neighboring Syria, and potential risks from regional politics.

Lukoil already operates in West Africa and Romania, may become the first Russian company drilling in the Lebanon if it wins a tender to develop the Mediterranean shelf on February, 1. The firm plans to develop the project in the Lebanon as part of a consortium, the head of Lukoil, Vagit Alekperov told RT Business: “After the discoveries that were made in Israel and Cyprus, we consider the East Mediterranean a possible new oil-and-gas region. Lukoil is a big oil firm with experience of shelf development. We are now drilling in West Africa in 3 kilometer deep water; we developed deposits in the Baltic, Azov and Caspian seas, so we think we must participate in development of the new regions.”The company is up against some tough international competition for the contract, including Chevron and Exxon Mobil from the US and France’s Total. It’s also competing against fellow Russian company Gazprom. You can find more details on the news in the RT Business bulletin at 2230 Moscow time.