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LUKOIL´s President : The company will present a new long-term strategy

LUKOIL is Russia’s largest private integrated oil & gas company and the 2nd-largest oil producer in Russia.

LUKOIL´s President : The company will present a new long-term strategy

Moscow, February 11 - Neftegaz.RU. The global oil market crisis caused by the coronavirus pandemic has forced LUKOIL to rethink its long-term strategy.
The company will present a new long-term strategy for the company's development already this spring.
This was stated february 11, 2021 by the Head of LUKOIL Vagit Alekperov on the official page of LUKOIL in Instagram.

V. Alekperov announced:
  • This spring LUKOIL will present a new long-term strategy
  • It will meet current challenges
  • I will certainly tell you
      • how we see the future of global energy,
      • what place oil will occupy in the world,
      • what we have to do for this
  • All calls to abandon oil are senseless, believe me - this time has not yet come
Head of LUKOIL presented the company's new long-term strategy until 2027 in March 2018.
According to it, in the exploration and production segment, LUKOIL sets as its minimum strategic goal the growth of hydrocarbon production by 1% / year.
Over the next 10 years (2018 - 2027) LUKOIL plans an average investment of $8 billion per year at an oil price of $50 per barrel.

LUKOIL's long-term strategy allows the company to develop even at low oil prices.
The company's long-term development strategy focuses on the oil price of $50, which is a very conservative estimate.

However, according to the Russian Ministry of Finance, the average price of the main export grade of Russian Urals oil in 2020 was $ 41.73 per barrel.

To read the article in Russian.

Author: Denis Savosin

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