UPDATE: Lukoil shaves off 2021 CAPEX forecast to 450 bln rbl

(Adds details in last 3 paragraphs)

MOSCOW, Nov 24 (PRIME) -- Russian oil giant Lukoil has shaved off the 2021 capital expenditures forecast to 450 billion rubles from 470–490 billion rubles, including 85% of local and 15% of foreign investment, the company said in a statement on Wednesday.

Capital expenditures in 2022 are expected at about 550 billion rubles.

Neither of the forecasts include the Iraqi West Qurna 2 spending.

The company also kept the output growth forecast at 4% in 2021, in line with the current OPEC+ deal terms.

Pavel Zhdanov, vice president for corporate development and investor relations, said that Lukoil plans to recover the pre-pandemic level of oil and gas condensate production in 2022 daily and in 2023 annually.

The company also plans to raise oil and gas condensate production in Russia to 83–84 million tonnes in three years, he added.

“Under our medium-term plan, we plan to reach the pre-pandemic level of production of liquid (hydrocarbons) in daily terms next year, in annual terms in 2023. Correspondingly, we have growth plans from this level… to 83–84 million tonnes in Russia in the next three years,” Zhdanov said.

(74.8327 – U.S. $1)

End