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(Lukoil) -- The OAO Lukoil Board of
Directors held a meeting in Moscow today to summarize the Company’s preliminary
performance results in 2011 and set priorities for 2012 and the near term.
In
2011, hydrocarbon production by Lukoil Group (including what is produced by
subsidiaries and the share in affiliated companies’ production) is expected to
total 112.7 million TRF, which is 4.6 million TRF lower than in 2010. As for
crude oil, Lukoil Group’s expected production figure is 90.7 million tons,
of which 84.7 million tons will be produced in the Russian Federation and 6
million tons abroad.
A technological break-through achieved in 2011 allowed to enhance the
forecast of an economic commencement in 2012-2021 of an additional 3.6 billion
barrels of oil reserves by way of raising the oil recovery factor at fields
within the Russian Federation. Maximum efficiency was achieved thanks to the
introduction of new technical and engineering approaches enabling maximum
contact with the collector as new production wells and sidetracks of the
existing wells are drilled, and also the application of well completion
techniques characterized by multi-zone fracturing, which tripled the
rates.
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The oil stock refining volume for the Company’s refineries is expected to
be 53.5 million tons in 2011, including 45.3 million tons for the Russian
refineries (including mini-refineries) and 8.2 million tons for the overseas
refineries, due to the raising of the Company’s stake in the ISAB Complex up to
60%.
Yet, as against 2010, the overall volume of refining has gone down by 3%
in connection with the scheduled outage at the PAO “Lukoil Odessa Refinery”
and the lowered loading of the refineries in Bulgaria and Romania, which is part
of operational planning aimed at minimizing the operation
losses.
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Lukoil Group’s investments in 2011 are expected to reach USD 9.8
billion (+ 22% to the level of 2010). In the “Geological
Exploration&Production” business segment, investments will grow 29% to reach
USD 7.6 billion. In “Refining&Marketing”, investments in 2011 are expected
at the level of USD 2 billion, which will allow to produce more gasoline of
premium quality.
RUR 4.9 billion was allocated to the financing of science and technology
in 2011. The financing volume of the Program for Industrial Safety, Improvement
and Protection of Labor Conditions, and Prevention and Response to Emergency
Situations topped RUR 7 billion in 2011. Over RUR 20 billion were spent on
environmental safety measures in 2011.
mrcplast.com
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