• 4 minutes Natural gas is crushing wind and solar power
  • 7 minutes OPEC and Russia could discuss emergency cuts
  • 10 minutes Peak Shale Will Send Oil Prices Sky High
  • 13 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 24 mins WTI are we seeing the perfect storm
  • 9 hours "Criticism of migration will become a criminal offense.  And media outlets that give room to criticism of migration, can be shut down." - EU Official to the Media.
  • 14 hours Cheap natural gas is making it very hard to go green
  • 51 mins On Venezuela
  • 2 hours CCP holding back virus data . . . . . . Spanish Flu 1918 MUTATED, Came back in 3 waves, Lasted 14 months and killed upward 5% World population
  • 19 hours Oil and gas producers fire back at Democratic presidential candidates.
  • 4 hours I Love Hills
  • 21 hours Saudi Aramco launches largest shale gas development outside U.S.
  • 18 hours Investments worthy in versatile and clean natural gas
  • 1 day Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 1 day CDC covid19 coverup?
China’s Emissions Are Plunging, But It Might Not Last

China’s Emissions Are Plunging, But It Might Not Last

China’s carbon emissions are plunging…

Oil Market Meltdown Sends Energy Stocks Crashing

Oil Market Meltdown Sends Energy Stocks Crashing

Oil prices plunged once again…

Russia’s Oil Giant Lukoil Plans $100B Investment Over Ten Years

Alekperov Putin

As part of a new development strategy, Lukoil plans to invest more than US$100 billion in various projects, primarily in Russia, Vagit Alekperov, the chief executive of Russia’s second-largest oil producer, told President Vladimir Putin during a meeting on Tuesday.

Lukoil is preparing a new strategy and will start actively working in the Baltic shelf, Alekperov told Putin in a meeting to discuss the company’s 2019 performance and plans for the future.  

Outside Russia, the privately owned Russian oil producer sees development and investment opportunities in West Africa, which is one of the most promising markets, Alekperov said.

Lukoil is already present in three countries in West Africa, while another four countries in the region offer the Russian company joint development work, the manager told Putin.

Russian oil companies are encouraged to work in West Africa after a Russia-Africa summit which Putin hosted in October.

Lukoil is looking at joint oil and gas opportunities with Saudi Aramco in Africa, Alekperov said at the Russia-Africa forum in October. Lukoil and the Saudi oil giant are in good relations and constantly exploring joint opportunities in third countries, including in Africa, the Russian manager said.

Now Russian companies, including Lukoil, are looking for deals in West Africa.

In Russia, Lukoil expects that total Russian crude oil and condensate production could rise to more than 12 million bpd by 2035, if global demand for liquid hydrocarbons continues to grow, the company said in a new forecast last month. Currently, Russia pumps around 11.2 million bpd of oil and condensate.

Referring to the U.S. sanctions on Russia’s oil industry, Lukoil said that although these restrictions are unlikely to impact domestic production in the near term, they will have a significant impact in the long term. 

Commenting on the OPEC+ deal, which Russian firms have criticized, Lukoil said in December after the OPEC+ meeting that “We expect that Russia will remain a party to the OPEC+ Agreement for a long time, coordinating its activities with other oil-producing nations.”  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News