The company, which previously cut its 2015 investments to $12.5 billion from $15.4 billion in 2014, is now planning to further reduce spending by 12% to 14%, Reuters reported.
Lukoil is also planning to raise between $600 million and $800 million next year, according to the news wire, however, no details were given on the purpose for the funds.
The group, Russia's second-largest oil producer, has experienced a significant boost in production this year, largely on account of the start-up of the operated West Qurna-2 field in Iraq, which is currently producing 450,000 barrels per day of oil.
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