Source Pravda.Ru

LUKoil To invest $12 Billion Expanding International Production

LUKoil, Russia's top oil producing company, has said that it plans to invest twelve billion dollars over the next decade to increase international production more than four times to as much as twenty million tons a year (400,000 barrels a day).

LUKoil Overseas Holding, the company's international unit, expects to account for about a third of LUKoil's total output, or thirty to fifty million tons a year, by 2020, said Andrey Kuzyaev, the unit's president. The subsidiary will produce about four and a half million tons of oil this year.

LUKoil is trying to increase production abroad as output from less efficient Siberian wells declines. It costs the company about $2.40 to produce a barrel of oil in Russia, compared with only one and a half dollars at international fields, Kuzyaev said during an interview on the sidelines of an oil conference in Azerbaijan.

“Our aim is to increase the company's market value and share price by generating profit from efficient production,” he said. “We want to establish two or three centers of Lukoil's production outside of Russia.”

Visit to

&to=http://www..lukoil.com/' target=_blank>LUKOIL

Comments
Donbass without militia will be worse than Srebrenica - Putin
Capitalism reduced Indonesian cities to infested carcases
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
Tel Aviv, Jerusalem, capitals and puppets
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
Russian politician says Donald Trump extremely dangerous for Russia
North Korea says Trump makes first step towards nuclear war
Capitalism reduced Indonesian cities to infested carcases
Capitalism reduced Indonesian cities to infested carcases
Capitalism reduced Indonesian cities to infested carcases
Should Russian athletes go to non-Olympic Games in South Korea?
Indian Origin of Egyptian Civilization
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
Why did the USSR lose the Moon race?
US military men depressed over of Russia's new T-5000 sniper rifle
Russia to counter Boeing's Х37В with top secret MiG-41 project
Should Russian athletes go to non-Olympic Games in South Korea?
Russia to rebuild its former Soviet naval base in Syria's Tartus