Russia's largest private oil company OAO Lukoil Holdings (LKOH.RS) said Friday it expects its oil production in 2011 to fall 5.5% from 2010, and sets output stabilization at its traditional areas of operations and higher free cash flow amid its top priorities for 2012.
Russia
's
largest private oil company OAO Lukoil Holdings (LKOH.RS) said Friday it
expects its oil production in 2011 to fall 5.5% from 2010, and sets output
stabilization at its traditional areas of operations and higher free cash flow
amid its top priorities for 2012.
The company, which for years has been struggling with a falling oil output at
its matured fields in
Western Siberia
, said
its crude oil production in 2011 is expected to be 90.7 million metric tons, of
which 84.7 million tons were coming from
Russia
. The
figures, together with the company's priorities for 2012, were presented at the
board meeting Friday.
Lukoil said it expects total oil production to stabilize by 2012 and then grow
from 2013.
The company said its natural gas output in 2011 is expected to reach 22 billion
cubic meters, which is 3.2% higher than in 2010.
Lukoil said in its statement that it expects the overall investments in 2011 to
reach $9.8 billion, a 22% rise from 2010.
The company said its priorities for 2012 are stabilization and maintenance of
the production volume in the traditional regions of operation, continued
implementation of the projects in
West Africa
,
Romania
,
Uzbekistan
and
Iraq
. The
company also aims at modernization of its refineries in
Russia
. The
"maintenance of the competitive level of the return on capital employed, a
higher free cash flow and increased return on shareholder value are considered
Lukoil's top priorities for 2012," the company said.
Shares in Lukoil were 0.3% down at RUB1756.30 at 1050GMT in
Moscow
on a
marginally higher wider market.
Διαβάστε ακόμα
Τρι, 24 Σεπτεμβρίου 2024 - 19:58
Τρι, 24 Σεπτεμβρίου 2024 - 19:54
Τετ, 18 Σεπτεμβρίου 2024 - 18:32
Τετ, 18 Σεπτεμβρίου 2024 - 18:27
Τρι, 17 Σεπτεμβρίου 2024 - 20:01