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Article: RUSSIA - LUKoil.
- Article from:
- APS Review Oil Market Trends
- Article date:
- August 23, 2004
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The largest oil group in Russia if Yukos goes bankrupt, LUKoil produces over 1.7m b/d. It prefers to remain conservative. By July it had become second to ExxonMobil among the world's non-state owned oil groups in terms of proven reserves. According to an audit done in 2003 by the respected US consultant Miller & Lents, the group's proven reserves at end-2003 stood at 20.1 bn barrels of oil equivalent. LUKoil says it compares favourably with other Russian oil companies in terms of reserves replacement. In 2003, it replaced 195% of the oil it produced through oil exploration as well as acquisitions and revision of earlier estimates.
LUKoil Vice President Leonid ...