LugaNeft Company (LNC) was established in 1996 by uniting several small oil and gas producers operating in East Siberia. Today, LugaNeft operates 14 oil and gas fields and blocks, including the largest one, Yaraktinsky field, responsible for over 80% of the Company’s cumulative production. LugaNeft focuses mainly on the exploration and production of crude oil, condensate and natural gas; however, it is also engaged in implementation of gas reinjection project and studies other opportunities of gas utilization. The majority of the Company’s properties are located in proximity to ESPO pipeline.
Luganeft is a 100% subsidiary of JSC Sibzal-Energy’, which, in turn, has a minority stake of 8.15% held by the European Bank of Reconstruction and Development (EBRD). The company has two successful joint ventures established together with Japan Oil, Gas and Metals National Corporation (JOGMEC).
LugaNeft and its subsidiaries currently employ some 1605 people.