Working to stem declining crude production, LUKOIL expects its hydrocarbon output to grow by at least 3.5 percent a year over the next decade.
Crude output has been falling due to depletion of its core fields in Russia's oil heartland of Western Siberia as well as lower-than-expected output at the new deposit of South Khylchuyu in the Timan Pechora oil province.
In the third quarter LUKOIL slipped into third place among Russian majors in terms of domestic production behind TNK-BP, half owned by British oil major BP, and top-ranked Rosneft.
At a meeting in Moscow on Thursday, LUKOIL's directors addressed this issue, agreeing a strategic development plan for 2012-2021, according to a statement.
Much of the production increase is expected to come from projects in Iraq, Central Asia, the Caspian Sea and the Yamal-Nenets Autonomous District, it said.
It will invest $48 billion during 2012-2014 — $13.9 billion of it next year — in existing production projects, while a number of other projects will be launched.
LUKOIL said it would present the strategy to investors in the first quarter of 2012.
The plan is based on Brent price projections ranging from $96.2 per barrel in 2012 to $108.6 per barrel in 2014.
LUKOIL's output fell 1 percent last year to 96 million tonnes (1.92 million barrels per day).
The company expects to achieve modest growth next year and described its expected output increase in 2013-2014 as "material" on the back of foreign expansion and new domestic projects.
It reported a worse-than-expected 20 percent fall in profits last Friday.
LUKOIL gave no details on potential acquisitions. The company has set aside $1.8 billion to finance acquisitions, according to its financial statements, but has not disclosed where it wants to invest the money.
