On an international level, Lukoil raised spending for its Shah-Deniz project in Azerbaijan and started exploration in new projects in Romania and Ghana, the group said.
In October 2011, the Romanian government approved two exploration leases in the Black Sea concluded between the Romanian Mineral Resources Agency (ANRM) and the Lukoil Overseas-Vanco International venture.
The government estimated at that time investment in the Black Sea blocks would amount to $75 million in the first three years and $80-160 million in the following two years.
In November 2013, Romania’s state-run natural gas producer Romgaz Medias joined Lukoil and Vanco in their Black Sea projects.
Lukoil, the second largest oil group in Russia, had a net profit of $5.74 billion in the first nine months, down 26.3% on the year, as the Russian ruble depreciated and oil prices declined.
The group’s revenue grew 7% in the first nine months, to $112.9 billion.
Lukoil’s profit declined 48% in the third quarter, to $1.62 billion.
Its hydrocarbon output increased 4.6%, to 2.29 million barrels a day in the first nine months, and by 7.4% in the third quarter, to 2.34 million barrels a day.
Russian government officials said no Russian company will lower its production to curb the impact of declining international oil prices.
Lukoil operates in Romania through a refinery in Ploiesti and a network of more than 300 gas stations.