Lukoil's Caspian Sea fast tracks

摘要

Russia's Lukoil plans to use funds it will save thanks to planned oil tax cuts to fast track the development of its Caspian Sea reserves,said Lukoil vice president Leonid Fedun.Using the expected cash,Lukoil plans to increase oil and gas production in the area to 366.5m boe a year by 2020-2022,he said.Previously Lukoil expected to reach this level by 2025-2030.This new production target is broken down as 219.9 bbl of oil and 635-706 Bcf(18-20 Bcm)of natural gas a year,he said.