LUKoil Expects $100 Billion Investments in 10 Years, Will Stabilize Production

Russian oil company LUKoil expects investments of about $100 billion in the next 10 years and plans to keep oil production in the country at 86-88 million tonnes (metric tons) per year, the company's CEO Vagit Alekperov said.

MOSCOW (Sputnik) – Alekperov said in a Friday interview with the Russian Kommersant newspaper when asked about LUKoil’s investment prospects that the company expects "about $7.5-8 billion [investments in 2017] and about $100 billion in ten years."

In June, LUKoil said it expected its domestic oil production to decrease slightly in 2016. Alekperov told Kommersant that the company plans to stabilize the production volume in 2017.

"In Russia, we must stabilize at a production level of about 86-88 million tonnes per year," the CEO said.

LUKoil's production volume is expected to be compensated by the commissioning of new oil fields, including the Filanovsky oil field, located in the Caspian Sea, Alekperov explained.

LUKoil is Russia's second largest oil producer, as well as one of the largest oil companies in the world in terms of proven hydrocarbon resources, amounting to some 1.3 percent of global oil reserves.