Lukoil has produced the two billionth ton of oil since its foundation in 1991 to become the first Russian oil company to pass this milestone. It took Lukoil 15 years to produce its first billion tons of oil in 2006, and the second billion followed within only 10 years. The increased pace of production resulted from investments the company made in expanding the geo-

graphy of its upstream projects and improving its production performance. Over the past few years, Lukoil put on stream several fields in the new petroleum province on the North Caspian shelf, increased its production capacities in the Perm region, the republic of Komi, and the Yamal-Nenets autonomous district, as well as expanded its international presence. The development of modern technology to increase the oil recovery factor has played an important role in the production growth achieved by Lukoil. The company has successfully delivered projects that were unique in their complexity, such as the Yaregskoye field of ultra-viscous oil.