UPDATE: CEO: Lukoil seeks to raise hydrocarbon output by 1% annually - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

UPDATE: CEO: Lukoil seeks to raise hydrocarbon output by 1% annually

(Adds comments in paragraphs 4Ц8)

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.

УOur minimal strategic goal in the upstream sector Ц 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,Ф he said.

In 2017, LukoilТs hydrocarbon output fell 4% to 658.3 million barrels. Gas output rose 15.8% to 28.9 billion cubic meters.

Azat Shamsuarov, senior vice president for oil and gas, said that the introduction of an added income tax could significantly affect LukoilТs hydrocarbon production plans and a double growth is possible.

УA pilot project to introduce an added income tax is planned for launch in Russia in 2019. The new system takes into account the size of operating and capital expenditures while calculating the tax rate and thanks to it is capable of flexibly adjusting to fields with various production costs,Ф Shamsuarov said.

УWe expect a double growth of production compared to a basic portfolio that we can ensure in the standard tax system,Ф he said.

Shamsuarov said Lukoil plans to launch the Rakushechnoye field in the Caspian Sea in 2023 and the Khvalynskoye field in 2030.

Alekperov also said that Lukoil is considering buying new producing assets, but has no plans to buy refining and sales enterprises.

End

23.03.2018 14:30
 
 
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