Vagit Alekperov said LUKoil plans to boost liquid hydrocarbon output to 50 million tons per year, and natural gas production to 50 billion cubic meters.
"These are very high figures, and we are confident in achieving them, based on our physical reserve base," Alekperov said, adding that currently the company has reserves of 30 billion tons (220 bln bbl) of oil equivalent.
On Friday Andrei Kuzyaev, the president of LUKoil Overseas Holding Ltd., the company's overseas oil and gas production arm, said the company planned to invest about $27 billion by 2017 in production and new acquisitions abroad.
The LUKoil CEO also said the company intended not only to keep developing and strengthening its positions on world markets, but also to transform itself from an oil company into a diversified energy company.