Grayfer

Grayfer Oil Field Profile

Location and Geology

• The Grayfer oil field, formerly known as the Rakushechnoye field, is located in the Russian sector of the Caspian Sea. It is situated approximately 160 km from the port of Astrakhan and 100 km from the west coast of the Caspian Sea.
• The field is in shallow water, with a sea depth ranging from 5 to 8 meters, or approximately 27 feet.

Discovery and Development

• The Grayfer field was discovered in 2001 and is Lukoil's third project in the Caspian region.
• The field began production in 2023, marking a significant milestone in Lukoil's operations in the area.

Infrastructure

• The development of the Grayfer field leverages existing infrastructure from nearby fields, particularly the V. Filanovsky field. This includes a fixed offshore ice-resistant platform, a living quarters platform, a crossover bridge, subsea inter-field pipelines, and cable lines connecting to the Filanovsky central technological platform.
• The oil produced from the Grayfer field is treated at the Filanovsky central technological platform and then exported through the Caspian Pipeline Consortium system.

Ownership and Operation

• The Grayfer field is owned and operated by Lukoil Oil Co., with Lukoil-Nizhnevolzhskneft, a subsidiary of Lukoil, being the primary operator.

Reserves and Production

• The recoverable reserves of the Grayfer field are estimated at 19.2 million tonnes of oil.
• Peak production is expected in 2025, with the field anticipated to produce up to 1.2 million tonnes of oil per year at its plateau.
• Production is expected to continue until the field reaches its economic limit in 2069, based on current economic assumptions.

Historical Context

• The field was renamed in honor of Valery Grayfer, the former chairman of Lukoil's board of directors, in November 2019, ahead of his 90th birthday.

Economic and Strategic Significance

• The close proximity to other producing fields in the Caspian Sea allowed for significant optimization of the development project, reducing costs and lead times by utilizing existing infrastructure.
• The project is part of Lukoil's broader strategy to expand its operations in the Caspian region and strengthen its technological leadership in oil refining and petrochemicals.