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LUKOIL Board of Directors summarized company's activity in 2010

January 13/2011

(LUKOIL) -- Today, the OAO LUKOIL Board of Directors held a meeting in Moscow to summarize the Companys performance preliminary results in 2010 and set priority tasks for 2011.

According to preliminary estimates, under the Russian classification, hydrocarbon reserves increment in 2010 reached 123 million tons of reference fuel. Six fields (in the Perm region, Uzbekistan, Egypt and Ghana) and 25 new oil deposits were discovered.

According to preliminary estimates, oil production by LUKOIL (including the share in affiliated companies production and overseas projects) came to 96 million tons. As compared with 2009, the oil production somewhat dropped, which was due to the depletion of the Western Siberian fields.

According to the preliminary estimates, gas production in 2010 by LUKOIL Group came to about 20 billion cubic meters, which exceeded 2009 level by more than 12%.

The oil stock refining volume at the Companys refineries is expected to come to 66 million tons in 2010, including 45 million tons at the Russian refineries (including mini-refineries). The total refining volume rose by 5.7% compared with 2009.


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