JARKUDUK, Uzbekistan: Lukoil plans to keep pumping 100 million tons of oil per year between 2018 and 2027 with projects outside Russia and will keep annual investment at $8 billion (SR30 billion)-$8.5 billion, the chief executive said on Saturday.
Lukoil, Russia’s No. 2 oil producer which has suffered from sluggish output from its Western Siberia fields, has kept production steady by focusing on growth in new regions, such as the Caspian Sea and Iraq. It is also looking at Iran and Mexico.
Lukoil Chief Executive Vagit Alekperov announced details of company’s 2018-2027 strategy to reporters at the launch of the firm’s gas facilities in Uzbekistan. He said details would be discussed by the board in December.
Under the new strategy, Lukoil planned to add 1.1 billion-1.2 billion tons of hydrocarbon to reserves while its gas output would reach to 35-40 billion cubic meters (bcm) per year by 2027, he said.
The 2018-2010 budget would be based on an oil price of $50 per barrel and a rouble rate of 62-64 roubles to the dollar, said Alekperov, who is also a major Lukoil shareholder.
Lukoil, a big oil products importer on the European market, would continue working on European projects and would keep its retail net in Turkey, the CEO said, despite new US sanctions imposed on Moscow this year.
Regarding other projects, Alekperov said he would meet Iranian oil minister Bijan Zanganeh in Moscow on October 3. Tehran has said earlier it expected to sign deals in the next five to six months with Russian firms, such as Lukoil, on developing of Iranian oil and gas resources.
Lukoil has been in talks with the National Iranian Oil Company (NIOC) on taking part in development of the Abe Timur and Mansuri fields in central-western Iran.
“We are very close, we have some disagreements which are not crucial, regarding output volumes and the pace of coming to any given levels,” Alekperov said, adding he was confident the differences could be resolved.
He also said the firm was also talking to Italy’s ENI on joint projects in Mexico.
In Uzbekistan, Alekperov said Lukoil would invest $3 billion in gas projects by 2021-2022.
Uzbekistan aimed to add output of 1.5 bcm in 2017 to the 2016 level of 55 bcm, Uzbekneftegaz head Alisher Sultanov said, adding that the country consumed up to 30 bcm per year.
Sultanov said Tashkent had contracts for exporting up to 6 bcm to Russia and up to 10 bcm to China.
Lukoil to maintain oil production, investments outside Russia
Lukoil to maintain oil production, investments outside Russia
Qualitative leaps and record numbers are leading the Kingdom’s fisheries sector toward global leadership: vice minister
RIYADH: His Excellency the Vice Minister of Environment, Water and Agriculture, Engineer Mansour bin Hilal Al-Mushaiti, affirmed that the fisheries sector in the Kingdom has achieved qualitative accomplishments and record figures, with aquaculture production exceeding 192,000 tonnes.
This comes alongside the implementation of more than 410 projects in marine and inland waters, in addition to the export of approximately 59,000 tonnes of fishery products to more than 35 countries around the world, with a value exceeding SR1.3 billion ($346.66 million).
This was stated during His Excellency’s opening of the activities of the fifth edition of the Saudi International Marine Exhibition and Conference at the Riyadh International Convention and Exhibition Center, amid broad local and international attendance reflecting the exhibition’s growing stature as a regional and global specialized platform for the sector.
He stressed that the exhibition is no longer merely an event, but has become a global meeting platform, a growth driver, and a showcase reflecting the Kingdom’s leadership in the fisheries sector regionally and internationally.
He also underlined that this development is the result of the work of an integrated system that includes strategic planning, the development of policies and regulations, investor stimulation, and the capacity building of fishermen and practitioners.
These efforts have been led by the Ministry of Environment, Water and Agriculture, represented by the National Program for the Development of the Livestock and Fisheries Sector. They also include qualitative initiatives to support fishermen, regulate fishing activities, and develop port, transport, processing, and marketing services, positioning the Kingdom among advanced countries in the fisheries sector.
The vice minister of environment, water and agriculture also witnessed the signing of 13 memoranda, cooperation agreements, and investment contracts between a number of local and international entities, with an estimated value exceeding SR316 million.
These aim to develop investment opportunities in the fisheries sector, enhance the growth of local fishery exports to global markets, support fish and algae processing industries, and increase production efficiency to achieve food security and economic growth in line with the objectives of Saudi Vision 2030.
The exhibition, which runs for three days, is witnessing the participation of more than 30 countries and 120 exhibitors, and is expected to attract 15,000 visitors from various segments.
The event’s activities include 20 workshops in which 3,500 international and local investors and businesspeople are participating, in addition to 25 global speakers and experts.
Several countries are participating in the gathering, including China, Korea, Russia, and Norway, as well as Spain, France, and Germany, alongside the Food and Agriculture Organization of the UN.
This presence reflects the diversity of international expertise and the depth of global interest in the fisheries and aquaculture sector.
At the conclusion of the ceremony, His Excellency toured the exhibition pavilions, reviewed prominent modern technologies and solutions in the fields of fisheries and aquaculture, and listened to exhibitors’ explanations of the latest innovations, products, and services. He stressed the importance of such exhibitions in transferring knowledge, supporting investment, and enhancing the competitiveness of the fisheries sector in the Kingdom.
