Russia's Lukoil's board of directors has approved a 10-year, $70-billion program aimed at making the company one of the top seven majors, said Valery Golovushkin, company vice president.
Offshore staff
SINGAPORE -- Russia's Lukoil's board of directors has approved a 10-year, $70-billion program aimed at making the company one of the top seven majors, said Valery Golovushkin, company vice president.
Speaking at a conference in Singapore today, Golovushkin said the investment would cover both upstream and downstream growth.
Lukoil is the top crude oil producer in Russia with 2.14 MMboe/d output, an increase of 11.9% over the first six months of the year. Also this year, Lukoil acquired 95% of OAO Khantymansiyskneftegazgeologia, and all of Paitykh Oil and Nazymgeodobycha.
