Russia's No.1 oil producer LUKOIL will boost oil production by over 50 percent within the next 10 years, while gas production is set to rise five-fold, the firm's head said on Friday.
Vagit Alekperov told reporters oil output in Russia and abroad would rise to 150 million tons or 3 million barrels per day (bdp) while gas output will rise to 50 billion cubic meters.
This year, LUKOIL plans to produce 95 million tons of oil or 1.9 million bpd and 8.5 billion cubic meters of gas.
The new figures are very close to LUKOIL's previous ambitious forecasts, but it is the first time the firm reveals the figures it had included in its new strategic 10-year plan, to be presented to investors in New York later this month.
The firm has said it would spend $100 billion on investments over 10 years, including $35 billion on refining.
"We are looking at the Turkish market, the Mediterranean. We are very much interested in the Baltic Sea [region]," said Alekperov.
(Reuters)