LUKoil Board of Directors approves 2002 report

The Board of Directors of LUKoil has preliminary approved the company's report for 2002, the company's press service has reported. The document has been recommended for the adoption at an annual shareholders' meeting scheduled for June 26, 2003.

According to the annual report, LUKoil's oil production in 2002 amounted to 79.8m tons (78.3m tons in 2001), including 76.9m tons produced in Russia. Gas production was 5.1bn cubic meters (5.2bn cubic meters in 2001), including 1.2bn cubic meters of natural gas (1.1bn cubic meters in 2001). The company's reserves increased by 197m tons in fuel equivalent.

In 2002 some 16 new fields were discovered and 10 fields were put into operation.

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