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.............................. Lukoil
Logo and Trademark..............................
LUKOIL (RTS: LKOH LSE: LKOD NASDAQ: LUKOY) (Russian: ЛУКОЙЛ; pronounced "Luke-Oil") is Russia's largest oil company and its largest producer of oil. In 2006, it produced 95.2 million metric tons of oil.
Its international upstream subsidiary is called LUKOIL Overseas Holding. Headquartered in Moscow, LUKOIL is the second largest public company (next to ExxonMobil) in terms of proven oil and gas reserves (ca. 20 bn boe by SPE standards; some 1.3% of global oil reserves). Market value of the company on the 29th of December was valued at $73.639 billion. LUKoil's North American Headquarters are in East Meadow, New York, USA.
LUKOIL carries out exploration and/or production of oil and gas in Russia and (as of 2005) nine other countries: Kazakhstan, Azerbaijan, Uzbekistan, Egypt, Iran, Iraq, Colombia, Venezuela, and Saudi Arabia.
In September 2004, ConocoPhillips purchased a 7.6 percent stake in LUKOIL and signed an agreement that could increase this figure in the future to up to 20 percent. The two oil companies have agreed to develop jointly 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.
Ergash Shaismatov, the Deputy Prime Minister of Uzbekistan, announced on August 30, 2006 that the Uzbek government and an international consortium consisting of state-run Uzbekneftegaz, LUKoil Overseas, Petronas, Korea National Oil Corporation, and China National Petroleum Corporation signed a production sharing agreement to explore and develop oil and gas fields in the Aral Sea, saying, “The Aral Sea is largely unknown, but it holds a lot of promise in terms of finding oil and gas. There is risk of course but we believe in the success of this unique project." The consortium was created in September 2005.
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