LONDON, Mar 23 (PRIME) -- Russian oil major Lukoil targets production increase of at least 1% annually, CEO Vagit Alekperov said at an investor day on Friday.
“Our minimal strategic goal in the upstream sector – growth of hydrocarbon production by an average of 1% a year at the existing resource base at the oil price of U.S. $50 per barrel,” he said.
In 2017, Lukoil’s hydrocarbon output fell 4% to 658.3 million barrels. Gas output rose 15.8% to 28.9 billion cubic meters.
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