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Lukoil's president assesses effects of sanctions on Russia's oil and gas sector

March 12, 5:39 UTC+3

Lukoil's President Vagit Alekperov said sanctions destroyed Lukoil's joint project with France's Total and made it harder to have access to technologies

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Lukoil's President Vagit Alekperov

Lukoil's President Vagit Alekperov

© Sergei Savostyanov/TASS

HOUSTON, March 12. /TASS/. Technological sanctions placed on Russia's oil and gas sector have negatively affected Lukoil's operations and the sphere as a whole, but it is possible to adapt to restrictions, Lukoil's President Vagit Alekperov told CERAWeek energy conference in Houston.

Alekperov said sanctions destroyed Lukoil's joint project with France's Total and made it harder to have access to technologies. At the same time, he noted that transitioning to domestically produced technologies will allow to adapt to restrictions.

The OPEC+ deal on cutting oil production has allowed to save the market from speculators, while the developments in Venezuela and Iran could lead to oil price growth to over $100 per barrel, he continued.

Alekperov said OPEC+ focuses not on the oil price but on how much oil remains, which allowed to get rid of speculators on the market. He added that it is hard to imagine what effect developments in Venezuela and Iran might have had if oil prices grew to over $100 per barrel.

Lukoil's president said the company plans to increase production by 1-1.5% annually in the next 10 years. He added that the company is currently in the process of updating its development strategy. He noted that the updated strategy will be presented in the autumn.

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