Lukoil 'stabilised' and set for output increase in 2013

By Bill Lehane London

 18 October 2012 22:59 GMT

Lukoil president Vagit Alekperov is confident the Russian independent has “stablilised” falling crude output and said the explorer would see 1% to 2% production growth in 2013.

Oil output dipped 2% year-on-year for the company in the second quarter due to declining output in Western Siberia, but Lukoil is now expecting flat production for 2012 overall and growth next year driven by its global portfolio.

“We have managed to stabilise volumes in Western Siberia and they will be stable in the coming years,” Alekperov said. “We believe that in 2013 the company will be able to not only stabilise but increase its production volumes.”

Among its key international assets is Iraq’s giant West Qurna 2 project, where Alekperov said “nothing…

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