LUKoil May Double Reserves With Siberian Exploration

Lukoil, Russia's biggest oil company, has said that the exploration of five oil and gas fields in western Siberia region may double its reserves to thirty billion barrels of oil equivalent.

The fields may contain “gigantic reserves” which are not confirmed yet but may double Lukoil's reserves, First Vice President Leonid Fedun said at an investment conference in Moscow.

The company plans to by 2004 invest about a hundred and fifty million dollars to begin gas production at one of the Siberian fields, he said.

Lukoil plans to stop selling oil and oil products on the spot market within five to six years, Fedun said. Instead, the company will process its output at the company's refineries and sell products through its own retail network.

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