Nov. 16 (Bloomberg) -- OAO Lukoil, Russia's biggest oil producer, plans to spend $27 billion in the next decade to boost overseas output sevenfold.

Lukoil, based in Moscow, expects to raise non-Russian production of crude and natural gas to the equivalent of 800,000 barrels a day by 2017, Lukoil Overseas Holding Ltd. chief Andrei Kuzyaev said at an energy conference in Moscow today. The company pumps about 110,000 barrels a day outside Russia now.

The money will be spent on developing new projects and buying into existing ones, Kuzyaev said, without elaborating. Lukoil raised total hydrocarbon production an annual 13 percent to 2.14 million barrels in the first nine month of the year, 1.92 million barrels of which was crude.

Lukoil, part-owned by ConocoPhillips of the U.S., said last month it would spend as much as $112 billion in the next decade, a third of that sum on acquisitions, to pump more crude and expand in the U.S. and Europe to boost profit on refining.

To contact the reporter on this story: Bradley Cook in Moscow at bcook7@bloomberg.net.

Last Updated: November 16, 2006 04:59 EST