The firm is monitoring wind resources in the area and plans to complete its survey later this year, the company announced.
Lukoil said it intends to work alongside Russian companies with onshore wind experience.
It has not decided what capacity the wind farm might be, or stated how much of its Caspian Sea activities the project might help to power.
The plan echoes Norwegian fossil fuel giant Equinor’s Hywind Tampen project – a floating offshore wind farm that powers its oil and gas extraction efforts in the North Sea.
Meanwhile, Lukoil is also looking to complete its planned 201MW Kolskaya wind farm in Murmansk in the Arctic Circle.
The project consists of a 170MW first phase – which entered commercial operations in December 2022 – and a 31MW second phase.
It will eventually consist of 57 turbines.