LUKoil planning to cut capital expenditures

The LUKoil oil company is planning to cut capital expenditures for thedevelopment of oil fields in the Timano-Pechersky basin by more than 40percent to $230m. General Director of the Arkhangelskgeologdobychaenterprise Alexey Barinov said. 74 percent of the company belongs toLUKoil. The decrease in capital expenditures became possible as the companyreceived a license from a local administration for the development ofnatural resources in this region, the official stressed. Some delay ingetting this license is due to risks that are natural in the process ofdeveloping new oil fields. The company has licenses for the development ofoil fields with 1.2bn barrels in total, which is equal to 8 percent of allLUKoil's oil resources. .

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