Russia's LUKoil aims at 23% of national oil output by 2016

LUKoil [RTS: LKOH], Russia's largest independent oil producer, said Monday it expected to boost its share in the country's oil output from the current 19% to 22-23% by 2016, RIA Novosti reports. LUKoil Vice President Leonid Fedun told an investors' conference organized by Renaissance Capital that his company expected to boost production through the launch of new deposits, including oil fields in the Timano-Pechora province in northern European Russia and the northern part of the Caspian Sea region. "We have opened nine deposits and are preparing three more in the northern Caspian Sea region. The northern Caspian Sea region's reserves are estimated at 2 million barrels of oil," Fedun said.

Russia's oil output grew 2.1% year-on-year in 2006, to 480.02 million metric tons (3.5 billion bbl). The Industry and Energy Ministry said earlier that LUKoil, Rosneft, TNK-BP, Surgutneftegaz and Gazprom Neft were the leaders in oil and gas condensate production during the year.