Lukoil received licenses for exploration and production of hydrocarbons at the Khazri field and the Maganov field in the Caspian Sea. Reserves of the Maganov field, which was discovered at the Titonskaya structure, amount to 8.4 million tons of oil, 136 billion cubic meters of gas and 24.4 million tons of condensate. Reserves of the Khazri field, which is located in close proximity to Titonskaya, are estimated at 48 billion cubic meters of gas and 8.2 million tons of condensate.