Lukoil board of directors approves mid-term plan for 2013-15
MOSCOW. Dec 4 (Interfax) - The board of directors of Lukoil has approved the key indicators of the group's mid-term plan for 2013-2015, Lukoil said in a press release.
"In Exploration & Production, a 7% compound annual growth rate (CAGR) is expected in hydrocarbon production over 2013-2015, including 6% accounting for oil and 11% for gas. Among other things, 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. In 2014, the total oil production by the organizations of the Group is expected to exceed the milestone of 100 million tons," the press release said.
In addition, the board has approved regulations for long-term incentives for the employees of Lukoil and its subsidiaries. "Participants of the long-term incentive program will acquire the actual stock of OJSC Lukoil in the amount of at least 50% of their bonus," it said.
