LUKoil hopes to increase production next year by at least 1 percent, the company's chief executive said Tuesday.
The country's second-largest oil producer is on track to produce 91 million metric tons, slightly more than it produced last year.
A production increase would be a milestone for the company, which has been struggling to stabilize its output.
Speaking about the firm's foreign assets, CEO Vagit Alekperov said LUKoil will invest at least $250 million in exploration in western Africa next year. Its subsidiary LUKoil Overseas operates two offshore exploration projects in Ivory Coast.
An exploratory well at one of them, the CI-401 block, has revealed deposits of light oil and gas condensate in sandstone reservoirs.
In Vietnam, the company will decide next year, after drilling a third exploratory well, whether it wants to continue the project, Alekperov said at a news conference in London.
Two previous wells didn't uncover commercial reserves. LUKoil acquired a 50 percent stake in a production-sharing project for the Hanoi Trough-02 offshore block in October 2011.
Alekperov also said the board of directors will consider paying 40 rubles ($1.30) per share in the company's first ever interim dividend. The board will convene on Nov. 7 to discuss a dividend payout based on LUKoil's financial results for the first half of the year.
Lukoil hopes to sign a production-sharing agreement for the Khvalynskoye project in the Caspian Sea with its Kazakh and French partners by the summer of 2013, Alekperov said.
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
