LUKoil Plans to Increase Production of Gas 15 Times or Better by 2010

By 2010, the LUKoil oil company intends to increase the annual production of natural gas by a factor of 15 or better, to 78 billion cubic metres, while in 2002 the company produced just 5.1 billion cubic metres of gas. This is according to what Anatoly Novikov, LUKoil's Vice-President said while speaking at a staff meeting of the Ministry of Natural Resources of the Russian Federation.

According to Mr. Novikov, LUKoil intends to push up its annual gas production to 15 billion cubic metres by 2005. In 2002, the company fully switched to financing geological surveys and prospecting out of its internal resources. Besides, LUKoil plans bringing its annual oil production to 110 million tonnes by 2010, while 78.2 million tonnes was produced in 2002.

The LUKoil oil company was chartered in 1993. Its statutory capital of about USD 665,625.00 is divided into 850,563,255 common shares. The company is primarily engaged in prospecting for and the production, refining, and selling crude oil and petroleum products. The 78.2 million tonnes of crude produced by LUKoil in 2002 constitute a 2.2% increase year-on-year.

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