11 Jan 2011 15:59

Lukoil board to review 2010 results and 2011 plans on Jan 13

MOSCOW. Jan 11 (Interfax) - Oil company Lukoil's board of directors will convene on January 13 in order to review preliminary operational results for 2010 and priority plans for 2011, the company said in a statement.

Furthermore, the board will review an analysis on the company's fuel and energy operations in areas such as science and technology.

Vagit Alekperov, Lukoil's president, earlier said that the company plans to boost investment this year in comparison with 2010.

At the end of January-September 2010, the company's capital expenditures came to $4.719 billion, which was a year-on-year increase of 0.8%. Lukoil produced 97.6 million tonnes of oil in 2009 and 14.9 billion cubic meters of gas. The company had plans to increase its hydrocarbon output by 1%-2% in 2010. Lukoil Group's oil output for the first nine months of 2010 came to 72.27 million tonnes, which was a year-on-year decrease of 1.4%. Average daily oil output came to 2,249 barrels, which was a 1.6% year-on-year increase from January-September 2009.

Alekperov said at the end of October that Lukoil's investment for the next five to six years will come to over $10 billion annually. He also said that the company would produce over 90 million tonnes of oil in 2010.