Lukoil has approved development of Rakushechnoye oil and gas field in the Caspian Sea off Russia. The company plans a fixed, ice-resistant platform, a quarters platform, a crossover bridge, and subsea interfield pipelines and cable lines connected with a second fixed platform at V. Filanovsky field 8.5 km away. Source: News

Lukoil subsidary Lukoil-Nizhegorodnefteorgsintez has let two contracts to Maire Tecnimont subsidiary KT-Kinetics Technology to deliver five processing units for a deep conversion complex to be built at its 17 million-tonne/year Kstovo refinery in central Russia’s Nizhny Novgorod region. Source: News

Shell Exploration & Production Mauritania will begin exploration as operator with 90% interest of two blocks offshore Mauritania following government approval of production-sharing contracts signed with that country’s government, marking the company’s entry into the West African Atlantic Margin. Source: News

ExxonMobil Corp. has increased its estimate of the discovered recoverable resources for the Stabroek block offshore Guyana to more than 4 billion boe. The new estimate, up from 3.2 billion boe, supports a third phase of development and the consideration of two additional phases, the company said. Source: News

The light, sweet crude oil contract for August delivery gained $1 to settle above $70/bbl on the New York futures market July 20 while Brent crude oil prices gained modestly to hold around $73/bbl. Oil prices continued gaining in July 23 trading on news of a clash between US and Iranian leaders. Source: News

Koji Ochiai has been named general manager, Exploration & Production Unit, Eurasia & Middle East Project Division, at Inpex Corp., Tokyo. He was manager, Global Exploration Group 1, Global Exploration Unit, New Ventures Division. Source: News