The
explorer
produced
89.9
million
tonnes
or
about
12.8
million
barrels
of
crude
in
2012
from
its
Russia-led
portfolio,
which
is
dominated
by
much-depleted
mature
fields
in
Western
Siberia.
It
is
the
third
annual
decline
in
a
row
for
the
company,
albeit
at
a
reduced
margin
from
2011’s
4.4%
fall
to
12.95
million
barrels.
In
October,
Lukoil
president
Vagit
Alekperov
had
said
he
was
confident
of
“stabilising”
output
by
the
end
of
2012
after
output
drops
in
the
first
two
quarters.
He
also
targeted
1%
to
2%
growth
for
the
explorer
in…
