The State Expert Department of the Russian Federation has completed the evaluation of the project for the construction of the second stage facilities at Yu. Korchagin oilfield in the Caspian Sea. Having studied the submitted materials the experts concluded that the project meets the requirements of the set regulations and standards and approved the project.
The Yuri Korchagin field is an offshore oil field in the Russian sector of the North Caspian Sea. The field is located 180 kilometres (110 mi) from Astrakhan and 240 kilometres (150 mi) from Makhachkala at a sea depth of 11–13 metres (36–43 ft).
In 1999, Lukoil started exploratory drilling using the Astra jack-up rig, which had been modernized at the Krasniye Barrikady shipyard in Astrakhan. Production at the field was launched in April 2010. Its proven oil reserves are 113 million barrels.