"This year 86 million tons [of oil] will be produced on the Russian territory, that means we will compensate the output through the new oil deposits," Alekperov said at a meeting with Russian President Vladimir Putin.
Alekperov added that another oil field was discovered in the Caspian Sea in 2015 and exploration is almost completed.
According to LUKOIL's president, the company also has initiatives for the development of new provinces, which have not yet been explored.
The Russian president pledged support for company projects.
LUKOIL is Russia's second largest oil company, accounting for 2.1 percent of the world's crude oil production. It is the world's largest privately owned oil and gas company, measured by proven oil reserves.