The company said it produced 89.5 million tons of crude in Russia and 5.7 million tons abroad during the year. LUKoil is currently developing 26 projects in 13 countries.
LUKoil also said it plans to invest $27 billion by 2017 in oil and gas production and new acquisitions abroad.
Natural gas production in 2006 more than doubled year-on-year, reaching 15.8 billion cubic meters, a company statement said, attributing the growth to the development of the Nakhodkinskoye gas field.
Crude processing at the company's refineries amounted to 48.95 mln tons in 2006, including 39.54 mln tons in Russia and 9.41 mln tons abroad. Compared to 2005, total refining volume gained 3%, the statement said.
LUKoil's President Vagit Alekperov said the main operating result of the LUKoil Group's activities was a further increase in the company's market capitalization and earnings. Capitalization climbed 48% during 2006, compared to the average of 40% for other Russian oil companies.
According to the company's estimates, it is the world's second-largest oil producer by proven hydrocarbon reserves, valued at 20.3 billion barrels of oil equivalent, including about 16 billion barrels of oil and 25 trillion cubic feet of natural gas. U.S. oil giant ConocoPhillips holds around 19% in the company.
