Russia's largest independent oil producer, OAO Lukoil Holdings (LKOH.RS), will increase the share of natural gas in its production to 27% from 16%, Deputy Chief Executive Andrey Gaidamaka said Tuesday, without giving a timeframe.
"We will grow on the liquid and natural gas side. Natural gas growth will come from non-Russian sources," he told a conference call, noting that production in Central Asia is more profitable.
Lukoil has for years fought declining oil production, which it has said will grow from next year. In results for the third quarter posted Tuesday, liquids production fell 0.3% on the year to 170.6 million barrels, while gas production rose 12.6% to 4.8 billion cubic meters.
This is the same problem the U.S is having.The increase of gas prices are growing in other countries besides the U.S. In a way I feel we are the country to start the trend. -Lara
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