Russia's LUKoil plans 5.5% growth in hydrocarbons mining in 2008
LUKoil plans to raise its US GAAP hydrocarbons mining by 5.5% in 2008, the company vice-president said on Wednesday in an M09 financial report.
Russia's largest independent crude producer, and the world second-largest oil company by proven hydrocarbons reserves, said earlier the increase for January-September 2007 was 2%, year-on-year.
The long-term development strategy of the company - an annual increase of 5% - will not be implemented as some factors affecting the plan's implementation had spun out of control, Leonid Fedun said.
The new estimates for the company, which has 1.3% of global oil reserves and performs 2.3% of global oil mining, set a 2.5% increase in mining compared to an earlier 4% target for 2007.
In 2006, the LUKoil group of companies (including dependent companies) saw a 12.2% growth in hydrocarbons mining. ( RIA Novosti)