Vagit Alekperov: LUKOIL To Redirect Investment to Seismic Studies and Field Development

LUKOIL's main financing will be redirected from crude refining to seismic studies and field development, though its project in Iran has been "temporarily frozen", LKUOIL President Vagit Alekperov said, according to Prime-TASS.
"The company's main financing will be redirected from refining and retail development to geological surveys and field development", Alekperov said, "Large projects like the Caspian project or developing large fields in Iraq and geological surveys in Africa or the substantial geological survey work we are doing in Russia's north - all this requires additional funds. Consequently, we have redirected investment from one area of our development to another", Alekperov told the television studio Rossiya 24.
"We are right on the verge of seeing oil production in West Siberia stabilize, though these are rather old fields. Today we are outfitting new fields", Alekperov added.
Still, LUKOIL has been forced to suspend its operations in Iran. "Due to the way events are unfolding and the limitations adopted by the international community, the company has temporarily frozen its operations in that country", he explained.
Copyright 2010, Oil and Gas Information Agency. All rights reserved.

Back