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Lukoil ups production in Komi

Photo: Lukoil-Komi

Lukoil’s regional subsidiary Lukoil-Komi has this year invested 24 billion RUB in the Timan-Pechora province and increased production to 13 million tons. By 2015, the company intends to produce an annual 15,5 million tons of oil in the region.

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-Our task for the near future is to stabilize [production] on the achieved level all over the Timan-Pechora province, company general director Azat Khabibullin said at a press conference last week. Next year’s production will see only a minor growth, he added, Oilru.com reports with reference to KomiOnline. After 2011, however, the Lukoil subsidiary will again increase production. By 2015, output in the Komi Republic will amount to about 15,5 million tons, the company director said. Lukoil is the dominating oil company in the Timan-Pechora province. Lukoil-Komi is operating primarily in the Komi Republic, while Naryanmarneftegaz – a joint venture