Lukoil's Fedun forecasts fall in oil production in Russia

Lukoil doesn’t rule out decrease in oil production by 5-20 million tons this year, said vice president of strategic development and co-owner of the oil company Leonid Fedun. But officials wait for problems in just a few years.

"All Russian companies have reduced capital expenditures for this year with varying intensity, and we see that starting from the second half of the year, the number of drilling crews in Russia will also be reduced, it will affect the fact that the oil production in Russia will decrease by 5 to 20 million tons,"- said Fedun at the conference call for investors.

His statement contradicts the position of relevant officials. "At the end of 2014, the Ministry of Energy sent an inquiry to the oil companies for updating production forecasts through until 2035. According to the data, provided by the companies, in 2015 the total oil production will remain at the level of 525-526 million tons. To date, the companies haven’t sent information on additional adjustments to production schedules for the current year to the Ministry," - the press centre of the Ministry states.

The percentage of Rosneft

In 2015, Lukoil plans to keep the production at the level of 86 million tons per year. Its competitors didn’t give forecasts of decline in the production in 2015.