LUKOIL to reduce oil production

LUKOIL to reduce oil production
# 25 April 2011 08:43 (UTC +04:00)
Baku - APA-Economics. Russia’s No. 2 oil major LUKOIL expects crude production to fall to 97-97.5 million tonnes in 2011, company CEO Vahid Alekperov said on Saturday, Reuters Africa reported.

The country’s biggest private oil producer saw an output of 98 million tonnes of oil in 2010.

"This year, output will be smaller, but it will be larger next year thanks to new fields," Alekperov was quoted by Russian news agencies as saying at a meeting with Russian Prime Minister Vladimir Putin.

LUKOIL also expects to begin reaping yields from its project in Iraq from 2013, he added.

LUKOIL has said all of its future output growth will come from its foreign projects as Russian brownfields are quickly maturing and the country’s taxation system does little to stimulate investment.
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