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Lukoil Planning to Maintain Production After EU Sanctions

OIL

Russia’s Lukoil aims to maintain production levels after EU sanctions come into effect.

  • “we're all planning that we will manage to maintain [crude] production and export volumes after December 5, and for oil products, accordingly, after February 5," Lukoil vice president Gleb Ovsyannikov said.
  • "Production drilling at our Graifer field in the Caspian will begin before the end of the year. We are maintaining overall plans for the development of this province. The Kuvykin field will follow," he said.
  • "We made plans regarding extra heavy crude at Yareg and at our Usinskoye field in Komi. Unfortunately, we have not managed to find a consensus here yet with the Russian government on support measures, but we believe that this consensus will be found and we will be able to develop this part," he said.
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