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LUKOIL Group carries out exploration in ten countries, concentrated mostly in Russia. Overseas exploration projects are focused on the Gulf of Guinea, Norway's section of the Barents Sea bed, Mexico, Iraq, and the Black Sea.

Exploration activities consistently yield good results. In 2016, the Company completed construction of 54 prospecting wells with an 87% success rate. In West Siberia, including the Bolshekhetskaya Depression, and in the Caspian Sea, 100% of prospecting wells were successful. The Company discovered 13 new fields and 71 deposits. We believe that our success is driven by advanced exploration techniques and selection of the most promising areas based on research results.