Lukoil approves 2022–2031 strategy with oil price of $50 per bbl

MOSCOW, Dec 15 (PRIME) -- The board of directors of Russian oil major Lukoil has approved a 2022–2031 strategy based on a conservative scenario of the oil price of close to U.S. $50 per barrel, the company said in a statement on Wednesday.

The board of directors also approved a mid-term plan of the company for 2022–2024.

The strategy focuses on investment in exploration and production in the country, investment discipline, a conservative financial policy, an efficient policy on return of capital to the shareholders, oversight over spending, improvement of operating efficiency, and adherence to the principles of sustainable development.

Lukoil plans to present the updated strategy to the public on March 11.

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