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CERAWeek: Lukoil to release new natural gas strategy this autumn

12 March 2019 , 18:00Neftegaz.RU472

Houston, March 12 - Neftegaz.RU. Russia's Lukoil is updating its natural gas strategy, which it plans to present this autumn, the company's CEO Vagit Alekperov said on March 11, Platts reported.

 

Lukoil, Russia's 2nd-largest crude producer, currently has a «very unique resource base,» with gas resources in West Siberia, the Caspian Sea and central Russia, Vagit Alekperov said at CERAWeek by IHS Markit.

 

The company currently does not export its own gas, but sells it to Gazprom, which handles the exports, Alekperov said. Lukoil has long-term contracts in place with Gazprom, he said.

 

Lukoil's new strategy would involve developing petrochemical facilities with Gazprom and getting higher prices for its gas supplies, Alekperov said, without providing details.

 

Alekperov said new tax laws should help «breathe new life» into Lukoil's West Siberia resources. West Siberia is the key oil province in Russia, but has the highest oil taxation in the country.

 

In February, Alekperov said he hoped West Siberia production would stabilize by 2020-2021. Lukoil sees «enormous reserves which are not currently being worked on,» Alekperov said.

 

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