Lukoil says foreign projects to boost annual output 10-12%

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Economy 24/04/2009 Lukoil says foreign projects to boost annual output 10-12%

Lukoil says foreign projects to boost annual output 10-12%

Tashkent, Uzbekistan (UzDaily.com) -- The expansion of Russian oil major Lukoil’s foreign upstream projects will give the company annual output growth of 10%-12% in the medium term, the company said in a statement Thursday.

Lukoil aims to increase the share of foreign projects in its total output to 20% in the medium term, the company said following a meeting of the board of detectors.

Lukoil’s hydrocarbon output abroad increased to 65 million barrels of oil equivalent in 2008 from 33 million barrels in 2004, it said.

Lukoil has upstream projects in Colombia, Venezuela, Egypt, Ghana, the Ivory Coast, Saudi Arabia, Kazakhstan, Uzbekistan, and Azerbaijan.

The proven reserves of Lukoil’s foreign projects currently amount to 1.8 billion barrels of oil equivalent.

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