Lukoil, Russia’s privately owned oil company, has kicked off the development drilling operation at its Vladimir Filanovsky field in the Caspian Sea.

According to the company, president of Lukoil Vagit Alekperov and Governor of the Astrakhan Region Alexander Zhilkin visited the Vladimir Filanovsky field on Wednesday, where development drilling has just begun. The well is being drilled from an ice-resistant fixed platform (LSP-1).

Lukoil clamis that Vladimir Filanovsky is the largest of all fields discovered in Russia in the past 25 years. It is located in the northern part of the Caspian Sea, 220 km away from Astrakhan.

The water depth in this area ranges from 7 to 11 meters. Recoverable reserves amount to 128 million tons of oil and over 41 billion cubic meters of natural and associated gas.

First commercial production at the Vladimir Filanovsky field is scheduled for the second half of 2016.