Lukoil to invest $1 billion in Samara-Nafta in next 5 years
MOSCOW -- Lukoil is planning to invest $1 billion in the oil firm Samara-Nafta to increase production, Russian news agencies reported, citing a company presentation.
Lukoil acquired Samara-Nafta from Hess this month for $2 billion as part of a strategy to stabilize and increase oil production. Lukoil has for years fought declining output at its main, Soviet-era fields in Western Siberia.
The investment in Samara-Nafta will increase production by between 5% and 7% over the next five years from 2.5 MMmtpa, Prime news agency cited the company as saying.
Dow Jones Newswires