Russia’s leading private-sector oil firms Lukoil and TNK-BP both reported record profits last year, but their production outlook and spending plans are diverging. TNK-BP’s profits rose by 54pc to just under $9bn last year, driven by production growth and high crude prices. The firm produced about 1.9mn b/d of oil equivalent (boe/d) from assets in Russia, Venezuela and Vietnam, and has set a target of 2mn boe/d for this year.
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