Lukoil , in its strategy for the next 10 years, intends to maintain production at 100 million tons of oil and 35–40 billion cubic meters. m of gas, said company president Vagit Alekperov (quoted by Interfax). During the implementation of the strategy, reserves should increase by 1.1–1.2 billion tons, investments will amount to $80–85 billion.

The board of directors plans to approve the new strategy in late November – early December. The company is working on a three-year development program, and the 10-year one will be presented conceptually, he explained: “We cannot make forecasts on the price of our product for such a long period. We can calculate three years in sufficient detail.” In the three-year program, Lukoil sets oil prices at $50 and the ruble exchange rate at 62–64/$.

In 2015, the company produced more than 100 million tons of oil. Last year, oil production decreased by 8.6% to 91.992 million tons, while in Russia production fell by 2.8% to 83.2 million tons. Lukoil produced 20.3 billion cubic meters of gas. m.

"Lukoil"

Oil company
The main shareholders are management (34.3%), Lukoil Investments Cyprus Ltd. (16.18%).
Revenue (IFRS, 2016) – 5.2 trillion rubles,
Net profit – 206.8 billion rubles.

This year, production will be 89 million tons, Alekperov said in early June. This figure is influenced by the commitments to limit production that Russia assumed when it signed an agreement with OPEC and other producing countries at the end of October 2016. Because of this deal, Lukoil will not produce 2 million tons of oil this year. The restriction will come at the expense of Western Siberia, Perm and partly Komi, Alekperov said: “For the first time in 50 years of work in the industry, I gave the command to stop wells” (according to Interfax).

Lukoil's main oil production region is Western Siberia. In the first half of 2017, 46.4% of total oil production was produced here, but production is falling due to the natural depletion of reserves and an increase in water cut in the field. Thus, from January to June of this year compared to the same period last year, production decreased by 5.2% to 19.6 million tons.

The growth of production in Russia for Lukoil can be ensured by projects in the Caspian and Baltic seas, Timan-Pechora, says Aton analyst Alexander Kornilov. The Caspian Sea is the most promising, successful and highly profitable province for Lukoil, which allows the company to compensate for the decline in production at less profitable fields in Western Siberia, said Aton in a review in December 2016. Lukoil has eight oil and gas projects in the Caspian Sea, including two fields - them. Korchagin and them. Filanovsky - mining is already underway.

Plus, the company has a pilot project in the Arctic, recalls Kornilov. In April, Lukoil began exploratory drilling in the East Taimyr site. “We have seen signs of hydrocarbons, but we have not yet reached the design depth,” said Lukoil Vice President Ilya Mandrik at the end of August. “Therefore, it is too early to talk about results.”

Lukoil will increase oil production