Russia's largest independent oil producer, OAO Lukoil Holdings (LKOH.RS), will increase the share of natural gas in its production to 27% from 16%, Deputy Chief Executive Andrey Gaidamaka said Tuesday, without giving a timeframe.
Russia
's
largest independent oil producer, OAO Lukoil Holdings (LKOH.RS), will increase
the share of natural gas in its production to 27% from 16%, Deputy Chief
Executive Andrey Gaidamaka said Tuesday, without giving a timeframe.
"We will grow on the liquid and natural gas side. Natural gas growth will
come from non-Russian sources," he told a conference call, noting that
production in
Central Asia
is more profitable.
Lukoil has for years fought declining oil production, which it has said will grow
from next year. In results for the third quarter posted Tuesday, liquids
production fell 0.3% on the year to 170.6 million barrels, while gas production
rose 12.6% to 4.8 billion cubic meters.
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