In Exploration & Production, a seven-percent compound annual growth rate (CAGR) is expected in hydrocarbon production over 2013-2015, including 6% accounting for oil and 11% for gas. Lukoil said in its statement on 4 December.

The plans were developed based on draft budgets of Lukoil subsidies, as well as measures on increasing income, decreasing expenses and raising efficiency of the activity.

Hydrocarbon production growth will be ensured through increasing gas production due to proactive implementation of the Program for Utilization of Associated Petroleum Gas and higher production of natural gas in Uzbekistan projects.

Lukoil said that gas production at Southern-Western Gissar will increase due to implementation of project “Full development of Gissar Group of fields. Project “Early gas” is implemented at Khauzak-Shady field, within which it is planned to launch Northern Shady field in August 2014.

In order to speed up gas production at Kandym group of fields, Lukoil plans to launch satellite deposit Kuvachi-Alat within the project “Early gas”.

As reported earlier, Lukoil, a second largest oil producer of Russia, is planning to double gas production in Uzbekistan from 4.2 billion cubic meters in 2012 to 8.2 billion cubic meters in 2015.

The company said that it is planning to produce 4.4 billion cubic meters of gas in Uzbekistan in 2013 and 5.2 billion cubic meters in 2014.