Lukoil has signed a five-year contract with Russian gas giant Gazprom for the sale of up to 12 billion cubic meters of gas a year from the Bolshekhetsky depression (Yamal-Nenets Autonomous District), Lukoil said in a presentation for 2012-2021.
Lukoil only produces gas on one field in Yamal-Nenets, Nakhodkinskoye, with output at around 8 bcm-9 bcm a year. The commission of another field, Pyakyakhinskoye, has been postponed to 2015-2016 in tandem with the launch of the Zapolyarye-Purpe oil pipeline.
Lukoil president Vagit Alekperov said that the company plans to produce around 3 million-3.2 million barrels of equivalent fuel a day by 2021, of which 2.3 million barrels will be oil production. Therefore, Lukoil plans to boost gas production to 700,000-900,000 barrels of oil equivalent a day by 2012 (40 bcm-50 bcm of gas a year).
Alekperov said that production at fields in the district (four fields) will increase output from 8 bcm to 25 bcm-30 bcm annually in ten years. He also said that the company plans to increase gas production Uzbekistan from 3 bcm to 18 bcm a year by 2017-2018.
Lukoil’s vice president Leonid Fedun said on Wednesday that net profit per barrel of oil equivalent for gas and oil for Lukoil will become "almost identical" in 10 years.
