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LUKoil expands oil output 11.9% in 1H06

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MOSCOW, July 24 (RIA Novosti) - LUKoil [RTS: LKOH], Russia's No.1 independent crude producer, said Monday its hydrocarbon output had risen 11.9%, year-on-year, in the first half of 2006, to 2.14 million barrels of oil equivalent.

LUKoil's average daily oil production was 1.89 million barrels per day in the first half of 2006, 5.6% up from a year earlier. In January-June, the company produced 46.69 million metric tons of oil (1,880,420 bbl/d).

Oil output under international projects went up 43% after LUKoil acquired Nelson Resources Limited, a Canadian oil exploration and production company operating in the Central Asian republic of Kazakhstan.

Russia's ING Bank (Eurasia) is LUKoil's majority shareholder (63.3%) and U.S. energy giant ConocoPhillips has a 16.8% stake in the crude producer.

The average production rate of oil wells in Russia during the reporting period rose to 11.23 metric tons per day, an increase of 2.1% year-on-year.

LUKoil produced 7.74 billion cubic meters of gas in the first half of the year, up 100% on last year's figure. Natural gas production expanded almost 300% to 5.14 billion cu m.

The rapid growth in natural gas production is attributable to the commissioning of the Far Eastern Nakhodka gas field, where the company produced 4.1 billion cu m of gas in the first half of 2006, LUKoil said.

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