LUKOIL’s investments in geological exploration may increase by 30% in 2024

LUKOIL’s investments in geological exploration may increase by 30% in 2024

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LUKOIL investments (MOEX: LKOH) in geological exploration in 2024 may amount to 47 billion rubles. in 2024 versus 36 billion rubles. in 2023. The growth could be 30%, as follows from the presentation of the head of the company’s geological exploration department, Alexander Semyanov.

The presentation was presented at the board of Rosnedra. “The volume of prospecting and exploration drilling this year should be 200 thousand meters of rock, which is higher than the average annual penetration over the past five-year period,” said Mr. Semyanov (quoted from TASS).

The head of the LUKOIL department noted that in the last five years the success rate of the company’s exploratory drilling exceeds 80%. The increase in hydrocarbon reserves in categories B1 and C1 in 2024 is planned at the level of 40 million tons of standard fuel. In 2023, the figure was predicted at 66 million tons.

According to Kommersant, the government again refused to license LUKOIL’s Nadezhda block in the Baltic Sea, which the oil company has been trying to obtain since 2016. This time, according to the Ministry of Natural Resources, the government is demanding that LUKOIL provide more up-to-date data on the environmental research program, which is necessary to confirm the safety of geological exploration in the area.

Read more in the Kommersant article. “LUKOIL missed Nadezhda again”.

Leonid Uvarchev

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