Lukoil hopes to maintain oil production, exports after planned EU embargo

In addition, a major project will be launched at the Nizhny Novgorod Oil Refinery in the next two months.

Lukoil hopes to maintain its oil production and exports after the European Union's embargo on Russian oil goes into effect.

"The investment cycle in the oil industry is long. It can be seven years, and 15, and more. Therefore, living with these horizons, for our priority projects nothing changes in principle, we still maintain such plans," Lukoil vice president Gleb Ovsyannikov said at the Tyumen Industrial and Energy Forum.

"Production drilling at our Graifer field in the Caspian will begin before the end of the year. We are maintaining overall plans for the development of this province. The Kuvykin field will follow," he said.

In addition, a major project will be launched at the Nizhny Novgorod Oil Refinery in the next two months, he said.

"We made plans regarding extra heavy crude at Yareg and at our Usinskoye field in Komi. Unfortunately, we have not managed to find a consensus here yet with the Russian government on support measures, but we believe that this consensus will be found and we will be able to develop this part," he said.

"Moreover, we're all planning that we will manage to maintain [crude] production and export volumes after December 5, and for oil products, accordingly, after February 5," Ovsyannikov said.