MOSCOW, January 15 (RIA Novosti) – Russia’s largest independent crude producer LUKoil plans to invest 325 billion rubles (around $10 billion) in its existing shelf projects by 2021, LUKoil CEO Vagit Alekperov said on Tuesday.
“We planned to spend 325 billion rubles on the existing shelf projects over ten years, of which 6 billion rubles have already been invested,” Alekperov said.
LUKoil is currently working on the shelf of the West African states of Cote d’Ivoire, Ghana and Sierra Leone. LUKoil also has shelf projects on the Caspian Sea, in Rumania and Vietnam.
In Russia, only Russian companies with over 50 percent state ownership and no less than five years experience working in marine exploration are allowed to develop the country’s continental shelf. Only oil major Rosneft and gas giant Gazprom currently meet these requirements and can involve other companies in the shelf development through joint ventures.
LUKoil is also interested in new initiatives in West Africa and in shelf projects in Brazil, Alekperov said.