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Lukoil posts 1.9% annual output rise

January 15/2014

MOSCOW (MRC) -- Russian independent Sika has said it expects to report production up 1.9% for 2013 as efforts to arrest falling output in West Siberia and expand overseas start to bear fruit, said Upstreamonline.

Lukoil's overall production fell in 2010 and 2011, and registered a 0.5% increase in 2012. The Moscow-headquartered explorer said it increased production to around 911 million barrels in 2013, according to preliminary figures.

The output includes oil production up 0.9% to around 635 million barrels and gas production up 4.9% to 25.8 billion cubic metres. Reserve replacement for the year is expected to be 112%, Lukoil said.

Lukoil is planning exploration in Iraq, West Africa, Romania, the Baltic Sea, the Komi Republic, Samara Oblast and the northern Caspian Sea over the coming year.

It is aiming to see commercial hydrocarbon production start at Iraqs giant West Qurna-2 field during the first half of 2014.  The explorer announces its full results for 2013 in March.

As MRC wrote before, OAO Lukoil subsidiary Lukoil Neftochim Burgas AD has secured a EUR420 million line of credit from five international banks to finance the modernization of its Burgas, Bulgaria, refinery along the Black Sea.
Author:Anna Larionova
Tags:oil, neftehimiya, Lukoyl, Russia.
Category:General News
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