LUKOIL Board of Directors reviewed the results of

The Board of Directors of LUKOIL announced preliminary results of the company in 2010 and set priorities for 2011 In 2010 the growth of hydrocarbon reserves under Russian classification, according to preliminary estimates, amounted to 123 million HERE. It was discovered six fields (in the Perm region, Uzbekistan, Egypt, Ghana), as well as 25 new oil. All deposits — in the fields of "LUKOIL-Western Siberia" and the Perm region.

In 2010, oil production in the group "LUKOIL" in view of interests in associates and overseas projects, according to preliminary data, was about 96 million tonnes compared to 2009, oil production decreased slightly due to the depletion of oil fields of West Siberia. Additional oil production through the use of enhanced oil recovery in the group "LUKOIL" made in 2010, 22 million tonnes, or about 23% of the total production.

Natural gas production in 2010 by a group of "LUKOIL", according to preliminary data was about 20 billion cubic meters, more than 12% higher than in 2009 is expected by the end of 2010, the volume of crude oil processing at the company is 66 million tonnes , including at Russian plants (including mini-refineries) — 45 million tonnes compared with 2009's total refining increased by 5.7%. According to Russian refineries of "LUKOIL", the share of gasoline of Euro-3 and Euro-4, the total production of the fuel rose from 83.4% in 2009 to 91.6% in 2010

In 2010, sales of branded gasoline and diesel fuel "EKTO" increased by 23%. In Russia sold about 2.7 million tons of branded fuel, overseas sales are expected to reach 499 thousand tons, which is more than 2 times higher than in 2009 In October 2010, LUKOIL began retail sales in Russia diesel Euro 5 — "EKTO Diesel», produced at the company's plants in Nizhny Novgorod, Perm and Ukhta.

According to preliminary data, in 2010 the sum of the taxes and customs duties in the budget of the Russian Federation from the organizations of "LUKOIL" will be about 766 billion rubles, an increase of 256 billion rubles more than in 2009 on the implementation of program activities to ensure industrial safety , health and the environment has been sent to about 21 billion rubles. Total funds allocated for the implementation of the annual program of coordination of scientific and technological work in 2010, amounted to 4.2 billion rubles, compared with 2.9 billion rubles a year earlier.

One of the most important events of the past year was the launch of Caspian oil at them. Korchagin. In 2010, the field completed the construction of four wells on production that exceeds 600 tons per day. The most significant projects in the segment of "Upstream" abroad began work at West Qurna-2 field in Iraq and deep exploratory drilling in the Gulf of Guinea, writes Oil.Ekspert.
Among the main objectives for 2011 and the near future the Board of Directors of OAO "LUKOIL", in particular, the following: providing full compensation reserve replacement rate, the maximum involvement in the development of reserves; further development of discovered fields in the Caspian Sea, the full implementation of the contract conditions and obligations to develop the West Qurna-2 field in Iraq and the continued exploration work on deepwater offshore West Africa, implementation of the "Program of associated petroleum gas", continued modernization of its refineries in order to comply with the requirements of technical regulations and improve product quality, improving efficiency, and improve the competitive Refinery indicators developed by the research-based Solomon Associates; strengthening the company's position in the priority areas, as well as access to new markets for petroleum products, the development and introduction of modern scientific and technological developments, providing a high level of industrial safety, occupational health and the environment.

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