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Lukoil plans to keep oil production in Russia at 86-88 million tonnes

September 16, 9:35 UTC+3 MOSCOW
The figure doesn't include oil production in Iraq where output volumes varies from year to year
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© Vladimir Zinin/ITAR-TASS

MOSCOW, September 16. /TASS/. Russian oil company Lukoil plans to keep the level of oil production in Russia in 2017 at 86-88 million tons, CEO Vagit Alekperov said in an interview with the Kommersant business daily.

"For 2017, we are trying to stabilize the production volume through the use of Filanovskoye deposit; in West Siberia, we are changing the schemes of development of a number of big deposits," Alekperov said.

"I don’t want to speak of Iraq, where production varies: 20 million tonnes, then 3 million tonnes," he said.

"In Russia, we should stabilize somewhere at the level of 86-88 million tonnes a year," Alekperov said.

The oil company plans investment in 2017 at $7.5-8 billion, and $100 billion over 10 years.

"Approximately about $7.5-8 billion and some $100 billion over 10 years," Alekperov said answering the question on the size of investment for next year.

New oil contracts with Iran

Alekperov plans to meet with representatives of the Ministry of Petroleum of Iran and the National Iranian Oil Company (NIOC) this fall for details on the new Iranian oil contracts.

"I am planning a trip to Tehran in late September - early October to meet with representatives of the Ministry of Petroleum, the national company, and get more detailed information on contracts," he said.

According to Alekperov, the company already has been partially able to get acquainted with the terms of the contract. "For those items that we have seen, it is more attractive than our current service contract in Iraq. It includes selling oil, binding to international oil prices - so the agreement is more flexible. These are preliminary conditions, after amendments they can significantly change," Lukoil CEO said.

He added that agreements on studying Iran’s fields that were signed earlier between the National Iranian Oil Company (NIOC) and Lukoil include a list of specific fields, but did not elaborate on the subject.

Lukoil and Iran

Iranian authorities expect that international oil companies will invest heavily in the country's oil industry after the international sanctions were lifted. In November 2015, Iran held an international conference on distribution of new contracts for oil production at 52 fields for representatives of the world's oil and gas companies, including Russian Rosneft, Lukoil, Gazprom Neft and Tatneft.

The Iranian government is preparing a draft law that would regulate admission of foreign investors in the oil and gas fields of the country. Earlier Alekperov told TASS that the company was waiting for this document, and would analyze it. According to him, if it allows Lukoil to have a planned rate of return, the company will join these projects with the investment, which might reach $3 bln.

It was reported earlier that Iran might finally adopt new type of oil contracts before the end of 2016. The draft for new rules was approved by the government in early August.

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