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Lukoil says oil output to grow 6% per year in next three years

BY JAMES MARSON

MOSCOW -- Lukoil , said its oil output would grow 6% per year in the next three years and hit 100 mmt in 2014 after years of battling declining production.

Natural gas production will grow 11% in the same period due to increased utilization of associated petroleum gas and higher output at projects in Uzbekistan, Lukoil said in a statement following a meeting of its board of directors, which approved the company' s mid term plan.

Lukoil has looked abroad in recent years for new production to offset declines at older Russian fields, but has recently managed to stabilize production in Western Siberia. Lukoil said its oil refining in Russia would remain flat, but that refining at foreign plants would increase 7% per year from 2013 to 2015.

Dow Jones Newswires

12/04/2012

 

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