Support The Moscow Times!

Lukoil Ups Investment Plan

Russia's No.2 crude producer Lukoil has increased its 2013 investment program and hydrocarbon production forecast following the acquisition of upstream assets, Russian media quoted its chief executive as saying on Tuesday.

Vagit Alekperov said planned investment has been increased to $20 billion from $16 billion while hydrocarbon production is seen rising 3 percent versus an earlier forecast of 1.5-2 percent, Russian newswires reported.

In 2012, Lukoil invested $12 billion.

Lukoil has been struggling to stabilize production in Russia and has been aggressively acquiring upstream assets abroad, including Iraq's huge West Qurna-2 oilfield.

Earlier this month, Lukoil also acquired small Russian producer Samara-Nafta.

(Reuters)


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.