ASTANA, April 25 (RIA Novosti) - LUKoil (RTS: LKOH), Russia's No. 1 independent crude oil producer, said Tuesday it is looking to raise current crude production levels in Kazakhstan by 40% by 2010.
"The total volume of crude oil production [in Kazakhstan] is expected to reach six million tons [120,493 bbl/d] in 2006, and the company plans to reach 10 million tons [200,821 bbl/d] by 2010," LUKoil President Vagit Alekperov said.
Alekperov said the company's investments in Kazakhstan by 2010 would stand at $300 million per year, or $1.5 billion over the next five years.
He said production would be increased by raising the output of existing deposits, and the company did not plan to purchase new deposits.
LUKoil and Kazakhstan's state oil company KazMunaiGaz are developing Khvalynsk and Tsentralnoye oil deposits on the Caspian Sea shelf on a parity basis.
