LUKOIL PRODUCTION 2.3 MBD
LUKOIL - For the first nine months of 2018 LUKOIL Group's average hydrocarbon production excluding West Qurna-2 project was 2,301 thousand boe per day, which is 3.7% higher year-on-year. The increase was mainly driven by the development of gas projects in Uzbekistan.
In the third quarter of 2018 production increased by 1.7% quarter-on-quarter and averaged 2,327 thousand boe per day mainly driven by higher oil production in Russia.
Hydrocarbon production, thousand boe per day
3Q 2018 | 2Q 2018 | 9M 2018 | 9M 2017 | |
---|---|---|---|---|
2,327 | 2,289 | Total (excluding West Qurna-2 project) | 2,301 | 2,218 |
Oil production excluding West Qurna-2 project for the first nine months of 2018 was 63.8 million tonnes, including 21.7 million tonnes produced in the third quarter, which is 1.6% higher quarter-on-quarter in average daily terms. The Company has rapidly ramped up production in Russia since the change of external production limitations on July 1, 2018.
Oil production, thousand tonnes
3Q 2018 | 2Q 2018 | 9M 2018 | 9M 2017 | |
21,717 | 21,135 | Total (excluding West Qurna-2 project) | 63,778 | 64,115 |
20,865 | 20,253 | Russia | 61,123 | 61,354 |
20,706 | 20,096 | Subsidiaries | 60,649 | 60,635 |
159 | 157 | Share in affiliates | 474 | 719 |
852 | 882 | Outside of Russia | 2,655 | 2,761 |
457 | 457 | Subsidiaries | 1,404 | 1,477 |
395 | 425 | Share in affiliates | 1,251 | 1,284 |
469 | 318 | Compensation oil from West Qurna-2 project | 1,238 | 1,426 |
22,186 | 21,453 | Total | 65,016 | 65,541 |
Active development of the priority projects continued. In the third quarter of 2018 the fourth well was launched at the second development stage of the V. Filanovsky field. In the first nine months of 2018 oil production at the field increased by 40% year-on-year, to 4.4 million tonnes.
In the third quarter of 2018 oil production at the Yu. Korchagin field increased by 6% quarter-on-quarter as a result of the first production well launch at the field's second development stage in July 2018. The additional drilling at the field's first development stage also supported the production growth.
Further development of the Yaregskoe field and Permian reservoir of the Usinskoe field, including the launch of new steam-generating capacities, allowed to increase high viscosity oil production for the first nine months of 2018 by 29% year-on-year, to 3.1 million tonnes.
Oil and gas condensate production at the Pyakyakhinskoe field in West Siberia increased by 5% year-on-year, to 1.2 million tonnes.
The share of the abovementioned five projects in the LUKOIL Group's oil production excluding West Qurna-2 project amounted to 15% for the first nine months of 2018, 3 percentage points up year-on-year.
Gas production, million cubic meters
3Q 2018 | 2Q 2018 | 9M 2018 | 9M 2017 | |
8,512 | 8,127 | Total | 24,638 | 20,668 |
4,447 | 4,456 | Russia | 13,399 | 13,595 |
4,423 | 4,431 | Subsidiaries | 13,327 | 13,524 |
24 | 25 | Share in affiliates | 72 | 71 |
4,065 | 3,671 | Outside of Russia | 11,239 | 7,073 |
3,919 | 3,493 | Subsidiaries | 10,755 | 6,472 |
146 | 178 | Share in affiliates | 484 | 601 |
For the first nine months of 2018 LUKOIL Group's gas production was 24.6 billion cubic meters, which is 19.2% higher year-on-year. In the third quarter of 2018 gas production was 8.5 billion cubic meters, 3.6% up quarter-on-quarter in average daily terms.
The main driver of gas production growth was the successful development of projects in Uzbekistan. Due to the launch of new gas treatment facilities, the Group's share in production at Kandym and Gissar projects in the first nine months of 2018 increased to 9.6 billion cubic meters which is 84% higher year-on-year. Kandym gas processing complex has reached its design capacity of 8 billion cubic meters in September 2018.
Refinery throughput, thousand tonnes
3Q 2018 | 2Q 2018 | 9M 2018 | 9M 2017 | |
17,467 | 16,734 | Total for LUKOIL Group refineries | 50,314 | 49,946 |
10,939 | 10,668 | Russia | 32,262 | 31,963 |
6,528 | 6,066 | Outside of Russia | 18,052 | 17,983 |
5,837 | 5,340 | Oil processing | 15,726 | 16,301 |
691 | 726 | Refined products processing | 2,326 | 1,682 |
1,622 | 1,631 | Third party refineries abroad | 4,913 | 4,744 |
For the first nine months of 2018 refinery throughput at LUKOIL Group's refineries increased by 0.7% year-on-year, to 50.3 million tonnes, mainly due to higher utilization rates at the refineries in Perm and Volgograd. Lower processing of oil and higher processing of refined products outside of Russia were mainly attributable to the feedstock optimization at the refineries in Italy and the Netherlands.
In the third quarter of 2018 the Group's refinery throughput was 17.5 million tonnes, 4.4% higher quarter-on-quarter, mainly due to the scheduled maintenance works at refineries in Nizhny Novgorod and Bulgaria in the second quarter of 2018.
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Earlier:
2018, May, 30, 13:20:00
LUKOIL'S PROFIT UP 75%LUKOIL - Profit attributable to PJSC "LUKOIL" shareholders was RUB 109.1 bln, up 75.0% year-on-year. Profit growth was mainly driven by significant negative non-cash foreign exchange effect in the first quarter of 2017. Excluding this factor, profit attributable to PJSC "LUKOIL" shareholders increased by 13.5%. |
2018, May, 14, 10:50:00
LUKOIL FOR IRAQ: 800 TBDLUKOIL - LUKOIL and the Basra Oil Company signed a Development Plan of West Qurna-2 field that provides for an oil production plateau of 800 thousand barrels per day. According to the Plan, the oil production of 480 thousand barrels per day will be reached in 2020 and 800 thousand barrels per day is expected in 2025. |
2018, April, 20, 08:55:00
UZBEKISTAN - LUKOIL GASLUKOIL - LUKOIL has commissioned a Gas Processing Complex at the Kandym fields cluster in Uzbekistan. The official opening ceremony was attended by the President of the Republic of Uzbekistan Shavkat Mirziyoyev, Minister of Energy of the Russian Federation Aleksander Novak, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Uzbekistan Vladimir Tyurdenyov, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Republic of Uzbekistan Kwon Yong Woo and the President of PJSC "LUKOIL" Vagit Alekperov. |
2018, April, 2, 09:00:00
LUKOIL PROFIT: +102.5%LUKOIL - For the full year 2017, profit attributable to our shareholders more than doubled year-on-year and amounted to RUB 418.8 bln. In the fourth quarter of 2017, profit was RUB 120.5 bln, which is 23.8% higher quarter-on-quarter. |
2017, December, 15, 12:50:00
LUKOIL'S PLAN: $50LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate. |
2017, December, 4, 22:35:00
LUKOIL PROFIT: RUB 298.3 BLNLUKOIL - For the first nine months of 2017 profit attributable to PJSC LUKOIL shareholders was 298.3 bln RUB, up 86.2% year-on-year. In the third quarter of 2017 profit decreased by 29.8% quarter-on-quarter to 97.3 bln RUB. |
2017, August, 29, 18:00:00
LUKOIL UP 91%For the first six months of 2017, profit attributable to PJSC LUKOIL shareholders was 201.0 bln RUB, up 90.7% year-on-year. In the second quarter of 2017 profit increased by 122.5% quarter-on-quarter to 138.7 bln RUB. |