Leonid Fedun: "LUKoil's oilfields in Azerbaijan aren't effective"

LUKoil vice-president Leonid Fedun stated that they forecast to produce 15mn tonnes of oil yearly in this region. He also complained about ineffectiveness of LUKoil's fields in Azerbaijan.

Fedun believes that "Russia's oil reserves are underestimated." He thinks that Russia might explore its large oil fields in seas, mainly in northern seas.

LUKoil also will develop six oil structures in western Africa. Besides, the results of hydrocarbons exploration and development in Saudi Arabia and Columbia will be announced shortly.