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LUKoil plans to raise gas output to over 50bln cu m by 2014

MOSCOW, June 28 (RIA Novosti) - LUKoil [RTS: LKOH] said Wednesday it was aiming to up its natural gas production to over 50 billion cubic meters by 2014.

Vagit Alekperov, who heads Russia's largest independent oil company, said half of the volume would be produced in the Yamal-Nenets Autonomous Area in the Urals, as the company had started extraction at the Nakhodkinskoye deposit in the gas-rich Tyumen region in 2005.

"Hydrocarbon production will grow at least 7% annually in the coming decade," Alekperov said. He added that LUKoil was also increasing oil output by an average 5% a year.

Alekperov said the cost of oil production grew 33.3% less than inflation in 2005, oil output increased 4% to 90.158 million metric tons and gas production was 7.6 billion cu m.

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