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LUKOIL CEO names company’s regions of growth

March 08, 2013, 4:30 UTC+3
Alekperov believes that LUKOIL can discover large oil and gas deposits in West Africa where the company is conducting exploration work
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LONDON, March 8 (Itar-Tass) – Russia’s oil company LUKOIL has four regions of growth in the next decade, which include Central Asia and West Africa, the company’s CEO Vagit Alekperov said at a meeting with investors in London on Thursday, March 7.

He said LUKOIL is interested to acquire new oil and gas production assets in Iraq and integrate them into the infrastructure that has already been created in that country.

Alekperov believes that LUKOIL can discover large oil and gas deposits in West Africa where the company is conducting exploration work.

LUKOIL also has “a unique project – North Caspian, where we have already discovered almost 7 billion barrels of recoverable oil and gas,” Alekperov said, adding that the company also has deposits in the Timano-Pechora region.

“Outside the Russian Federation we have focused on exploration in West Africa. We keep our presence in Sierra Leone, Cote d’Ivoire and Ghana,” he said.

“On the whole, we are quite optimistic about oil and gas prospects in West Africa where large oil and gas deposits can be discovered,” Alekperov noted.

“We have large reserves in Central Asia and we are considering projects in Kyrgyzstan. We have a large investment project in Uzbekistan. We are planning to commission three more deposits there in the next three years to bring gas production to 15-16 billion cubic metres by 2016. There is established infrastructure there that allows us to supply gas to both Russia and China,” he said.

Alekeprov said LUKOIL has one project in Venezuela, within a consortium of Russian companies in that country. “It was signed at the interstate level and I do not think that Hugo Chavez’s death will affect its implementation,” he said.

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