'Newly discovered Caspian field contains up to 2.2 billion barrels of oil'

The CEO of Russia's largest private oil company says a newly discovered Caspian Sea field contains an estimated 2.2 billion barrels of oil or its equivalent. Lukoil chief Vagit Alekperov told state-run Vesti-24 TV Tuesday that the so-called Tsentralnaya field isn't unique but it is very large. The field is located about 150 kilometers east of the Russian city of Makhachkala, near the maritime border with Kazakhstan. Its discovery was announced last week by Lukoil and its partner, state-run gas giant Gazprom. The two companies signed a deal in 2003 to work together in the Caspian with Kazakhstan's KazMunaiGaz. The landlocked Caspian is believed to contain the world's third-largest energy reserves.