"We hope to become producer number two after Gazprom," Leonid Fedun said.
LUKoil commercial gas production in 2006 was 13.6 billion cubic meters. The share of gas in the aggregate hydrocarbon production volume grew from 5% to 10% in the period, and will in the future be brought to 33%, in line with strategic plans.
By 2016, LUKoil plans to increase gas production five-fold - to 70 billion cubic meters.
LUKoil said earlier Tuesday its net income increased 16.2%, year-on-year, in 2006 to $7.48 billion, whereas earnings before interest, taxes, depreciation and amortization (EBITDA) increased 18.2% to US$12.3 billion and sales grew 21.4% to US$67.7 billion.
LUKoil CEO Vagit Alekperov said at a presentation in
He said a level of 3 billion cubic meters could be reached in 2008.
Alekperov said the gas would be sold at a price negotiated between Gazprom and
A consortium of investors said in August 2006 that they signed a production-sharing agreement to prospect and develop oil and natural gas fields in
Exploration conducted by Uzbekneftegaz, the Central Asian state’s national petroleum corporation, proved the
The consortium, made up of