The overseas division of LUKoil will cut investments by a fifth this year but plans to up production by 7 percent
"We have to reduce operating costs and investments by at least 20 percent (this year)," Andrei Kuzyaev, who is also vice president of LUKoil, told the Interfax news agency in an interview.
He added the firm would save liquidity by delaying some of its many exploration projects. It will also cut administrative and management costs this year by 40 percent and in 2010 by 30 percent.
LUKoil, in which U.S. major ConocoPhillips has a 20 percent stake, is one of the most active Russian investors in foreign energy assets and has said it views Africa as one of its potential growth regions and had planned to expand exploration in Ghana and Ivory Coast over the next few years.