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NEWS

Lukoil to up gas share in total output to over 35% by 2031 from 20%

27 October 2011

http://www.platts.com of 10/27/2011 - Russia's second-largest oil producer, Lukoil, plans to increase the share of gas output in its total production figure from 20% in 2011 to over 35% in 2021, mostly thanks to higher gas output from the company's projects in Uzbekistan, Lukoil said in a statement Thursday.

"Under the draft program for exploration and production development for 2012-21, the main increase in gas production is expected in Uzbekistan, where Lukoil acts as the operator of PSA projects Khauzak-Shady-Kandym-Kungrad and Gissar," it said, adding that Lukoil's board of directors expects to consider the draft program in December.

Lukoil holds 100% in the Gissar project and 90% in Khauzak-Shady-Kandym-Kungrad, with the remaining 10% controlled by the state-owned Uzbekneftegaz.
The company will also look into ways to increase associated gas utilization and consider prospects for shale gas production in Russia, taking into account risks of shale gas projects in eastern Europe, the statement said.
In 2013, the company plans to start construction of a trunk pipeline to transport gas from the South-Messoyakhskoye, Khalmerpayutinskoye and Pyakyakhinskoye fields in the Yamal-Nenets autonomous region, it said.
The company plans to increase its hydrocarbon output to 180 million mt/year (3.6 million b/d) of oil equivalent in 10 years from the current 100 million mt/year, Lukoil President Vagit Alekperov said earlier, explaining details of the 2012-21 draft development plan.
Lukoil's annual investments in core operations are to exceed $10 billion over the next 10 years, he said.