July 3. Lukoil counts on successful exploration activities on the Russian shelf of the Caspian Sea, said the company's president Vagit Alekperov. "Today we have a significant niche of activities on the Russian shelf of the Caspian Sea and four formations discovered by our company on Lukoil's license blocks have yet to be developed. We perform exploration activities on a regular basis, there will be additional wells in the Volga delta where we pin hopes on making a discovery. In addition, we have huge blocks near Makhachkala in deep areas. What's more, we hope to drill an exploration well there", he said. Speaking about potential expansion in Azerbaijan, Vagit Alekperov noted that Lukoil only participates in projects to tap the Shakh Deniz field and the D-222 structure now.