Lukoil aims to rise output to 4 mln BPD by 2016
By 2016 LUKOIL intends to raise the output to 4mln barrel per day, the company’s strategic program for 2007-2016 says. The program was presented by the company’s President Vagit Alekperov on October 18 in New York. The average annual rate of growth of hydrocarbon production is scheduled to increase by almost 50% to 6.7% (compared with the previous strategic development program). The Company’s investment program will total $78 bln, assuming the conservative scenario, or $112 bln including acquisitions, assuming the optimistic scenario. In the latter case acquisitions will represent nearly a third of total investments. The proportion between investments in exploration & production and in refining & marketing will be 70:30. Capital expenditures per barrel of production will remain lower than average level of main international companies.