Moscow—Russian oil major Lukoil may sus- pend some oil projects in Russia, mainly in West Siberia where the cost of crude produc- tion remains high despite falling oil prices, Lukoil Vice President Leonid Fedun said in an interview published December 18. “We have to drill more to maintain output, but the cost of drilling is continuously increas- ing,” he told Russian business daily Vedo- mosti. “Suppliers and subcontractors are still guided by an oil price of over $100/barrel, but [the price] is now below $50/b.”
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