Russia’s Lukoil Eyes Decade Of Oil Output Growth

21 Sep 2017   Oil Supply, Russia

Lukoil expects its output to rise over the next 8-10 years as it brings new fields onstream, vice president and co-owner Leonid Fedun says. MOSCOW, Sept 20 Sept (Reuters) – Russia’s second-largest oil producer Lukoil expects its output to rise over the next 8-10 years as it brings new fields onstream, vice president and co-owner Leonid Fedun said on Wednesday. Lukoil has suffered from sluggish production as its fields, located mostly in Western Siberia, are mature and depleted. But it has been focusing on growth in new producing regions, such as the Caspian Sea and other countries, including Iraq. “The 3-year and 10-year company development plan is under deliberation. According to the parameters under consideration, Lukoil’s hydrocarbon production will be on the rise for the next 8-10 years,” Fedun told the Reuters Russia Investment Summit. Fedun, among the first in the Russian oil industry to call for an output […]

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