* Lukoil increased 2013 oil output by 1 pct to 90.8 mln T
* Due to launch Iraq's West Qurna-2 oilfield by April
MOSCOW Jan 13 Russia's No.2 oil producer Lukoil
managed to reverse a prolonged decline in its oil
production last year, increasing output by 1 percent to 90.8
million tonnes, or over 1.8 million barrels per day, it said on
Lukoil had suffered a three-year fall in oil production as
it failed to offset output cuts at its aging West Siberian
oilfield with more extraction at new deposits. Its new fields in
the Timan-Pechora region in northern Russia also fell short of
To arrest the halt, the company increased its exposure to
overseas upstream projects, including the giant West Qurna-2
oilfield in Iraq, which it aims to launch by April.
It also acquired new assets in Russia, such as Samara-Nafta
from Hess Corp for over $2 billion.
At the same time, Lukoil has faced constraints in Russia -
such as limited access to offshore fields - where the energy
landscape is dominated by Kremlin-controlled firms.
The company said it produced 85.5 million tonnes of oil in
Russia and 5.3 million tonnes overseas last year.
Lukoil's daily oil output fell 1.5 percent in 2012
year-on-year to 1.8 million bpd, of which some 110,000 bpd were
extracted abroad, mainly from Kazakhstan.
Lukoil also said it had replaced 112 percent of the
hydrocarbons it produced in 2013 thanks to increased exploration
activity and 42 new licenses for subsoil use.
The expected launch of West Qurna-2, the world's
second-largest undeveloped field with recoverable oil reserves
of around 14 billion barrels, will allow Lukoil to more than
double its overseas oil output.
The company has said it aims to reach production of 120,000
barrels per day (bpd) from the field in the first quarter of
2014, with output of 1.2 million bpd at its peak, but plans have
yet to be finalised with the Iraqi government.