EXPLORATION AND PRODUCTION
Strengthening and expanding the resource base is one of Lukbeloil’s strategic objectives. The sound resource base ensures the stability of production activities and achievement of targeted volumes of hydrocarbon production. The Company carries out a significant volume of exploration work, extends the portfolio of licenses showing stable replenishment of oil and gas reserves.
The Company’s fields and license blocks are located in three oil and gas provinces – Western Siberia, Eastern Siberia and Timan-Pechora.
When conducting exploration, Lukbeloil pays considerable attention to the use of new technologies and equipment, and support of operations by research and development institutes as well as design institutes which makes it possible to increase its efficiency.
Lukbeloil operates oil fields which are located in Western Siberia and Eastern Siberia. In the upstream sector, the Company is committed to ensuring production volumes which allows it to maintain a balance between economic efficiency and rational use of mineral resources.
Lukbeloil maintains the production levels at mature fields and actively develops hard-to-recover reserves. At the same time, the Company actively develops promising fields creating new centers of oil production.
Over the past years, the Company has been maintaining a stable level of oil production focusing on the improvement of oil recovery factor which is one of the highest in the country.