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.