The
emphasis in geological exploration work abroad is to prepare the resource base
for rapid launch of production as part of the Company’s strategy for intensive
development of its international business. 2D seismic work in international projects
totalled 1,470 km in 2007, 3D work was 2,822 km2 and overall
exploration drilling was 13,000 meters. Spending on geological exploration outsideRussia was $180 million. The Company
continued rapid development of its international Exploration & Production
business.
The Group
was involved in 15 geological exploration projects outside Russia during 2007: in
Azerbaijan,
Colombia, Iran, Kazakhstan, Saudi Arabia, Uzbekistan, Venezuela, and Cote d’Ivoire.
LUKOIL
Group constantly monitors opportunities for participation in new, promising
international projects, and the Company
acquired stakes in three new projects during 2007: an agreement was signed
in April with the American oil & gas company, Vanco Energy, for acquisition
of a 56.66% stake in three projects for geological exploration of promising
offshore blocks in the Gulf of
Guinea (Western Africa).
An
agreement was also signed with the Indonesian state oil company, Pertamina, for
conduct of joint geological exploration work in Indonesia over a
two-year period. The agreement envisages creation of a management committee and
joint technical group for study of several promising offshore and onshore areas
in various parts of Indonesia. The objective is to assess
and interpret existing data in preparation for subsequent geological exploration
work and development of oil & gas areas.
LUKOIL
signed a memorandum in 2007 with the state oil company, Qatar Petroleum, on
cooperation for exploration, development and rehabilitation of oil & gas
fields in Qatar. | 
