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. Last Updated: 07/27/2016

LUKoil Pumps 23% More Abroad

LUKoil, the country's biggest oil producer, increased oil output outside Russia by 23 percent and gas production by 40 percent last year as more projects started extraction.

LUKoil Overseas Holding Ltd., a wholly owned LUKoil subsidiary, produced 3.1 million tons of oil at non-Russian projects last year, LUKoil Overseas said Thursday. That contributed 3.6 percent of LUKoil's total production of 86.3 million tons.

LUKoil Overseas last year earned net income on its overseas projects of $95 million, spokesman Grigory Volchek said, without giving the income for 2003.

LUKoil plans to increase overseas projects to 20 percent of its total production by 2014, the unit said. LUKoil's main Russian assets are aging fields in western Siberia and newer fields in Timan-Pechora, where production is hampered by a lack of pipeline capacity.

The company is now producing in Kazakhstan and Egypt. It is developing oil and gas projects in Colombia, Saudi Arabia, Iran and Uzbekistan.

LUKoil Overseas also pumped 1.33 billion cubic meters of gas last year, or 21.5 percent of LUKoil's total.

The company may increase production by as much as 15 percent this year, if work proceeds as planned, Volchek said.