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Published:February 5th, 2008 15:17 EST
Russia's largest independent crude producer increased output by 1.5% year-on-year in 2007 to 96.6 million metric tons

Russia's largest independent crude producer increased output by 1.5% year-on-year in 2007 to 96.6 million metric tons

By Leon (Producer)

LUKoil [RTS: LKOH], Russia's largest independent crude producer, said on Monday its oil output increased by an estimated 1.5% year-on-year in 2007 to 96.6 million metric tons (708 mln barrels).

LUKoil, which accounts for about 1.3% of global oil reserves and 2.1% of world crude output, said its natural gas production grew 2.5% year-on-year in 2007 to 13.96 billion cubic meters.

The company develops its main deposits in Western Siberia, and contributes 18% of Russia's oil output and 18% of national oil refining.