LUKoil Discloses Programme For Geological Survey

LUKoil plans to invest RUB 18.134bn (approx. USD 768m) in geological surveys in 2008, Alexander Semyanov, the deputy head of the Russian oil company's department for geology and development, said during an oil and gas congress today. The company invested over RUB 15bn (approx. USD 635m) for this purpose in 2007.

As reported earlier, LUKoil's proved hydrocarbon reserves edged up from 20.36bn barrels of oil equivalent as of early 2007 to 20.4bn barrels as of January 1, 2008. The company's proved oil reserves shrank from 15.93bn barrels to 15.7bn barrels, and the proved natural gas reserves amounted to 27.9 trillion cubic meters as of the beginning of 2008.