Russia’s second-largest crude producer Lukoil could see a return to output growth this year for the first time since 2009 after this week’s acquisition of medium-sized crude producer Samaranafta from US firm Hess, which is exiting Russia. Lukoil paid $2.05bn for Samaranafta, well above most analysts’ $1.6bn valuation. The firm’s readiness to pay extra reveals how desperate it is to secure new reserves in Russia, as doubts grow over its prospects overseas.
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