Lukoil output inches higher in 2013, reversing long decline

|By:, SA News Editor

No. 2 Russian oil producer Lukoil (LUKOY, LUKOF) says it halted a years-long production decline last year, increasing overall output by 1.9%.

The output includes oil production up 0.9% to ~635M barrels and gas production up 4.9% to 25.8B cubic meters.

Lukoil has long battled declining production at its main Soviet-era fields in western Siberia, and has invested abroad to increase output, including at the West Qurna-2 field in Iraq, which is expected to launch production this year.