Russian oil company Lukoil said during a meeting of the board of directors its two-year budget starting in 2017 would be based on oil priced at $40 per barrel. Lukoil’s board of directors met in Moscow to review trends in the global energy industry over the coming years. From the company’s perspective, conditions were appropriate to boost production from some of its core assets to plateau levels and increase activity in the exploration and production side of the energy sector. Exploration and production, known also as the upstream sector, will account for 80 percent of the company’s total spending. “The budget for 2017-19 is based on a conservative oil price assumption, in particular $40 per barrel of Brent is used for 2017, and envisages active […]