Russian oil company Lukoil aims to invest at least four times as much on offshore oil and gas exploration than it did last year, a resources minister said. One of Russia’s largest oil companies, Lukoil said its oil production for 2016 was 8.6 percent lower than in 2015, but higher for the fourth quarter by about 2.5 percent. About 95 percent of total Lukoil production volume comes from reserves in Russian territory. Sergei Donskoi, the Russian minister for natural resources and the environment, told news agency Tass that energy companies in Russia were expected to spend more on offshore oil and gas exploration this year. “The plan for 2017 [for Rosneft] is to spend $750 million, which is almost a four-fold increase […]