RIA Novosti reported that Russia largest private oil company LUKoil will invest USD 48 billion in its operations in 2012-2014 including USD 13.9 billion next year under its new strategy over the next ten years.

LUKoil board of directors approved on Thursday the company development strategy for 2012-2021 which stipulates average yearly growth in hydrocarbon production by at least 3.5%.

LUKoil said in a statement that "These investments will be used to create groundwork for the company’s consistent and sustainable production growth in the coming decade. In particular, large production projects in Iraq in the Caspian Sea in West Siberia in Uzbekistan and a number of other projects will be launched."

The company medium-term plan for 2012-2014 is based on Brent oil prices of USD 96.2 per barrel in 2012 and USD 108.6 per barrel in 2014.

Mr Vagit Alekperov LUKoil President said LUKoil plans to build up hydrocarbon production both domestically and internationally to 160 million tons of conventional fuel over the next decade including 110 million tons of oil.

(Sourced from RIA Novosti)