The company said Thursday it plans to invest $27 billion by 2017 in hydrocarbon production and new acquisitions abroad.
Vagit Alekperov also said the company might consider expanding its oil refinery in Bulgaria instead of building a new refinery in Turkey.
LUKoil is currently developing 26 projects in 13 countries.
The company plans to produce about 11 billion cubic meters of natural gas per year by 2011-2012 at the Kandym-Khauzak-Shady deposit in the Central Asian republic of Uzbekistan, and to invest $2 billion in developing the deposit.
In another ex-Soviet republic, Azerbaijan, the company plans to start extracting gas at the Shah Deniz deposit by the end of 2006.
LUKoil has also signed a consortium agreement to develop the Zhambai oil field on Kazakhstan's Caspian Sea shelf, and is also planning to prospect for oil in Iran.
The company said it is cooperating with Norway's Norsk Hydro on three oil prospecting sites at the Anaran deposit in Iran, under an agreement signed in February 2003, and is considering a resumption of talks with Iraq on developing the country's West Qurna-2 deposit.
However, sanctions imposed on Iraq following the Gulf War blocked Russian companies from Iraqi oil projects.
