LUKOIL WILL CUT $1.5 BLN

Russia's second-largest oil producer Lukoil aims at stabilizing its oil output this year, the company's CEO Vagit Alekperov said on the sidelines of the World Economic Forum in Davos, Switzerland. "Lukoil aims at stabilizing output throughout Russia in 2015," Alekperov said.

Lukoil will cut its 2015 investment program by $1.5 billion, Alekperov added. "I would say that a 10-15% cut in this year's investment program equals $1.5 billion," Alekperov said.

Russia's largest private oil firm Lukoil plans no personnel cuts, despite problems in the national economy, the CEO stressed. "We'll not cut our personnel but will not hire new people, even though we're commissioning fixed assets worth almost $5 billion in 2015 both in upstream (exploration and extraction) and downstream (refining and sales) operations," Alekperov said.

Speaking about oil prices, the Lukoil CEO said they will average $50 per barrel in Q1, and $65-70 per barrel in 2015.

oilandgaseurasia.com