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Lukoil to Increase Share of Gas in Overall Output to 27%

Lukoil to Increase Share of Gas in Overall Output to 27%
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Τρι, 27 Νοεμβρίου 2012 - 17:57
Russia's largest independent oil producer, OAO Lukoil Holdings (LKOH.RS), will increase the share of natural gas in its production to 27% from 16%, Deputy Chief Executive Andrey Gaidamaka said Tuesday, without giving a timeframe.
Russia 's largest independent oil producer, OAO Lukoil Holdings (LKOH.RS), will increase the share of natural gas in its production to 27% from 16%, Deputy Chief Executive Andrey Gaidamaka said Tuesday, without giving a timeframe.

"We will grow on the liquid and natural gas side. Natural gas growth will come from non-Russian sources," he told a conference call, noting that production in Central Asia is more profitable.

Lukoil has for years fought declining oil production, which it has said will grow from next year. In results for the third quarter posted Tuesday, liquids production fell 0.3% on the year to 170.6 million barrels, while gas production rose 12.6% to 4.8 billion cubic meters.
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