Lukoil plans to keep pumping 100 million tonnes of oil per year between 2018 and 2027 with projects outside Russia and will keep annual investment at US$8 billion to $8.5bn.
Lukoil, Russia's second-biggest oil producer, which has suffered from sluggish output from its Western Siberia fields, has kept production steady by focusing on growth in new regions, such as the Caspian Sea and Iraq. It is also looking at Iran and Mexico.
The Lukoil chief executive Vagit Alekperov announced details of company's 2018-2027 strategy at the launch of the firm's gas facilities in Uzbekistan on Saturday. He said details would be discussed by the board in December.
Under the new strategy, Lukoil planned to add 1.1 billion to 1.2 billion tonnes of hydrocarbon to reserves while its gas output would reach to 35 billion to 40 billion cubic metres (bcm) per year by 2027, he said.
The 2018-2020 budget would be based on an oil price of $50 per barrel and a rouble rate of 62 to 64 roubles to the dollar, said Mr Alekperov, who is also a major Lukoil shareholder.
Lukoil, a big oil products importer on the European market, will continue working on European projects and would keep its retail net in Turkey, the Mr Alekperov said, despite new US sanctions imposed on Moscow this year.
Regarding other projects, he said he would meet the Iranian oil minister Bijan Zanganeh in Moscow on October 3. Tehran has said earlier it expected to sign deals in the next five to six months with Russian firms, such as Lukoil, on developing of Iranian oil and gas resources.
Lukoil has been in talks with the National Iranian Oil Company on taking part in development of the Abe Timur and Mansuri fields in central-western Iran.
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"We are very close, we have some disagreements which are not crucial, regarding output volumes and the pace of coming to any given levels," Mr Alekperov said, adding he was confident the differences could be resolved.
He also said the firm was also talking to Italy's ENI on joint projects in Mexico.
In Uzbekistan, Mr Alekperov said Lukoil would invest $3bn in gas projects by 2021-2022.
Uzbekistan aimed to add output of 1.5 bcm in 2017 to the 2016 level of 55 bcm, said the Uzbekneftegaz head Alisher Sultanov, adding that the country consumed up to 30 bcm per year.
Mr Sultanov said Tashkent had contracts for exporting up to 6 bcm to Russia and up to 10 bcm to China.
Company%20Profile
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
More from Aya Iskandarani
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Company%20profile
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THE%20SPECS
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Company%20Profile
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57%20Seconds
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