Russia's No. 2 crude-oil producer OAO Lukoil (LKOH.RS) said Monday it halted a years-long decline in oil production last year, increasing output by 1%.
Russia
's No.
2 crude-oil producer OAO Lukoil (LKOH.RS) said Monday it halted a years-long
decline in oil production last year, increasing output by 1%.
Lukoil has long battled declining production at its main Soviet-era fields in
Western
Siberia
. It has invested abroad to increase output, including at the West
Qurna-2 field in
Iraq
,
which is expected to launch production this year.
It also bought Russian producer Samara-Nafta last year from Hess Corp. (HES),
helping to boost output.
Lukoil produced 90.8 million tons of oil last year, an increase of 0.9 million
tons on 2012, the company said.
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