Lukoil to increase oil production by 6-7 per cent in 2004
Posted: 03 February 2004
Lukoil revised its production plan for 2004 setting new 6-7 per
cent annual growth target. According to new plan 2004 output is
estimated at the level of 86.2-87.0 million tons depending on availability
of effective transport capacities.
The principal sources of extra output growth are located in Russia.
Lukoil’s domestic subsidiaries will provide around 80 per
cent of total output growth, while overseas production — remaining
20 per cent.
The best growing subsidiaries are Lukoil-West Siberia (38 per cent
of total expected extra growth), Naryanmarneftegaz and LUKOIL-Komi
operating in Timan-Pechora oil and gas province (31 per cent of
total expected extra growth), RITEK (11 per cent of total expected
extra growth).
All increase of production in 2004 comprises natural growth in
output only.
It was stated earlier that Lukoil planned to increase crude production
by 4.3 per cent in 2004 to 84.9 million tons against 81.5 million
tons produced in 2003.
For more information see www.lukoil.com
Posted by Richard Price,
Editor Pipeline Magazine
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