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LUKoil's oil output falls 5.5 pct to 90.7 mln T in 2011

© RIA NovostiLUKoil's oil output falls 5.5 pct to 90.7 mln T in 2011
LUKoil's oil output falls 5.5 pct to 90.7 mln T in 2011          - Sputnik International
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Oil production of Russia's largest private oil company, LUKoil, fell 5.5 percent to 90.7 million tons from 96 million tons last year according to preliminary data, the company said on Friday.

Oil production of Russia's largest private oil company, LUKoil, fell 5.5 percent to 90.7 million tons from 96 million tons last year according to preliminary data, the company said on Friday.

"The expected level of oil production amounted to 90.7 million tons, including 84.7 million tons in Russia and six million tons abroad," LUKoil said in a statement.

The company's vice president, Leonid Fedun, said last October that 2011 oil production might decrease due to a fall in output at the Yuzhno-Khylchuyuskoe oilfield, located in the Timan-Pechora Province. The province accounts for 22.1 percent of company's overall oil production.

LUKoil's overall hydrocarbon production decreased four percent to 112.7 million tons of oil equivalent in 2011 compared to 2010. Gas production rose 3.2 percent to 22 billion cubic meters.

Last year, the company exported 41.3 percent of oil produced in Russia, while sales of oil and gas products grew 6.1 percent to 15.7 million tons. Investment volume rose 22 percent in 2011 to $9.8 billion.

Under the development strategy for 2012-2021 approved last December, LUKoil expects to stabilize oil output at 90.7 million tons in 2012 and reach the production level of 101.5-102 million tons in 2017. The company will also invest $48 billion in its operations in 2012-2014, including $13.9 billion this year under its new strategy.

 

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