Russia’s Lukoil sees 2014 investments flat

January 29, 2014

Russian oil major Lukoil will keep its investment flat on the year at U.S. $20 billion in 2014, the CEO Vagit Alekperov said on January 28, Prime has reported. 

“Our investment program this year stands at $20 billion, this is our peak year: we will complete our investments in refinery, we will launch West Qurna-2 and we will begin setting up infrastructure for the Kandyma and Filanovsky fields,” Alekperov said.

The output will reach 120,000 barrels daily in May and 400,000 barrels in November at the West Qurna-2 field in Iraq.

Lukoil and Mexico’s Pemex will decide which projects they will conduct in September–November.

“We are considering several projects, including onshore ones which are already being developed as well as offshore ones –geologic exploration on the Mexican bay shelf, especially its deep water part. Joint groups will begin their work now and by the end of the year, in the autumn, we will know which projects we will work on,” Alekperov said.

Alekperov said that Lukoil will consider returning to the Anaran project in Iran, when oil export sanctions against the country are lifted. Last week the U.S. and the European Union began following through on promised sanctions relief for Iran covering oil exports, trade in precious metals and automotive services.

“You remember that we used to work in Iran. We will consider Iran for possible operations as soon as the barring circumstances are no longer there,” he said.

Copyright: Prime, 2014