Azernews.Az

(RIA Novosti, December 1) – Russia's largest private oil company LUKoil will invest $48 billion in its operations in 2012-2014, including $13.9 billion next year under its new strategy over the next ten years, LUKoil said on Thursday.

LUKoil's board of directors approved on Thursday the company's development strategy for 2012-2021, which stipulates average yearly growth in hydrocarbon production by at least 3.5 percent.

"These investments will be used to create groundwork for the company’s consistent and sustainable production growth in the coming decade. In particular, large production projects in Iraq (West Qurna-2), in the Caspian Sea (Filanovsky field), in West Siberia (Pyakyakhinskoye field), in Uzbekistan (the Kandym group of fields) and a number of other projects will be launched," LUKoil said in a statement.

The company's medium-term plan for 2012-2014 is based on Brent oil prices of $96.2 per barrel in 2012 and $108.6 per barrel in 2014.

LUKoil plans to build up hydrocarbon production both domestically and internationally to 160 million tons of conventional fuel over the next decade, including 110 million tons of oil, LUKoil President Vagit Alekperov said.

In Russia, LUKoil expects to stabilize oil output at 90.7 million tons in 2012 and reach the production level of 101.5-102 million tons in 2017, he said.