LUKOIL cuts down oil production forecast to 92 million tonnes

LUKOIL expects oil production to stabilise in 2012 and then start growing

MOSCOW, October 6 (Itar-Tass) —— Russia’s oil major LUKOIL has cut down its oil production forecast to 92 million tonnes.

The announcement was made by LUKOIL Vice President Leonid Fedun at the expert 400 conference in Moscow on Wednesday, October 5.

Earlier LUKOIL CEO Vagit Alekperov projected the company’s oil production at 95 million tonnes.

Fedun attributed the decrease to a decline in oil production at the Yuzhnoye Khylchuyu oilfield.

LUKOIL expects oil production to stabilise in 2012 and then start growing.

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