Exploration and Production
Lukoil carries out exploration and/or production of oil and gas in Russia and as of 2008 thirty other countries, amongst others Azerbaijan, Belgium, Bulgaria, Colombia, Egypt, Kazakhstan, Iran, Iraq, Saudi Arabia, Uzbekistan, and Venezuela.
In September 2004 ConocoPhillips purchased a 7.6% stake in Lukoil and signed an agreement that could increase this figure in the future to up to 20%. The two oil companies have agreed to jointly develop an oil and gas field in the northern Timan-Pechora area of Russia (Komi Republic) and intend to secure the rights to develop the West Qurna Field in Iraq, one of the country's largest.
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Famous quotes containing the words exploration and, exploration and/or production:
“The future author is one who discovers that language, the exploration and manipulation of the resources of language, will serve him in winning through to his way.”
—Thornton Wilder (1897–1975)
“Typography tended to alter language from a means of perception and exploration to a portable commodity.”
—Marshall McLuhan (1911–1980)
“The myth of unlimited production brings war in its train as inevitably as clouds announce a storm.”
—Albert Camus (1913–1960)