LUKOIL to increase oil extraction by 30-40% in next ten years

LUKOIL, Russia's largest private oil company, plans to increase
extraction output by 30-40%, President Vagit Alekperov said at a
meeting with students, RIA Novosti reports.

Oil extraction of LUKOIL dropped by 1.7% in 2010, to 95.99 million
tons. Gas extraction increased by 24.5% and reached 18.55 billion
cubic meters. The new initiative may LUKOIL the company into a leading
integrated energy company in 20 years.

The Timano-Pechorskaya Province is the most perspective area to
increase output. The company has 11 other fields.

Production will increase fourfold at the Yagerskoye oil field.
LUKOIL increased bottom-line profit by 28.5% to $9.006 billion,
according to US GAAP, or threefold, to $140.037 million according to
RAS.

LUKOIL has a charter capital of 21.26 million rubles, split into
shares worth 0.025 rubles each. Vagit Alekperov held 20.6% of shares
in late September 2010, Vice-President Leonid Fedun - about 9.3%.