Lukoil plans to up hydrocarbons output 3.7% to 121 mln toe in 2014
MOSCOW. June 26 (Interfax) - Lukoil plans to raise hydrocarbons output 3.7% to 121 million tonnes oil equivalent (toe) in 2014, the company said in materials.
Oil production is targeted to rise 5.7% to 96 million tonnes.
Gas production is expected to fall, from 25.9 bcm to 25 bcm, according to a presentation at the company's annual shareholders meeting.
Ravil Maganov, first executive vice president, said during his presentation that this referred to gross, not saleable gas production, as the company used some gas for its own needs.
"The world demand for liquid hydrocarbons has continued growing, which promotes a favorable situation on the market. It is forecast that demand will grow by 1.4% in 2014 and reach 93.1 million barrels per day. More than 2% of this demand will be met by Lukoil supplies," Lukoil President Vagit Alekperov told shareholders.
New trends in the fuel and energy complex include a shift in the energy consumption balance towards China, India and Southeast Asia, as well as a continuing increase in the role of gas, broader applications for new technologies and the development of unconventional hydrocarbons, Alekperov noted.
Lukoil produced 90.8 million tonnes of oil in 2013, he said, adding that commercial gas production totaled 20.4 billion cubic meters.
In working with legislative and executive authorities, Alekperov said, Lukoil paid particular attention to the feasibility of adjusting the state energy policy, moving to open and transparent competition in the economic relations of all participants in the field of subsoil resources, and removing legislative restrictions for companies without substantial state ownership.
"Our aim gained the support of the country's president, as a result of which we are expecting legislative adjustments in the interest of both the government and of business. We will continue vehemently proving the validity of our position to reach full equality for all Russian companies regardless of ownership," Alekperov said.