MOSCOW, June 25 (RIA Novosti) - LUKoil [RTS: LKOH], Russia's largest independent crude producer, said Wednesday it would increase spending on oil exploration by 17% in 2008, to 18.13 billion rubles ($768 million).
Alexander Semyanov, deputy head of LUKoil's main department for geology and development, said the company had made considerable progress in exploratory drilling in recent years, with the number of effective oil wells equaling the number of drilled wells.
LUKoil posted a US GAAP net consolidated profit of $9.51 billion in 2007, an increase of 27.1% on 2006, and boosted oil output 1.4% year-on-year, to 713 million barrels.
