MOSCOW, June 5 (RIA Novosti) - LUKoil (RTS: LKOH) intends to double hydrocarbon output to 4 million barrels a day by 2015-2016, a senior executive said Monday.
Russia's largest independent oil producer plans to achieve this target only by using the company's existing resources and reserves, excluding in Iraq, said Leonid Fedun, LUKoil's vice president.
Fedun said LUKoil, which reported a 4.6% year-on-year increase in oil production in 2005 to 90.16 million metric tons (1.8 million bbl/d) and a 16.9% rise in gas output to 7.57 billion cu m, would expand the production of both oil and gas.
The LUKoil vice president said the company would present its new output growth strategy to investors in the second half of September in New York.
Fedun also said Russia was using all its available hydrocarbon reserves and only geological prospecting could boost their output.
