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2019-11-13 12:20:00

LUKOIL PRODUCTION +1.6%

ДОБЫЧА ЛУКОЙЛА +1.6%

LUKOIL - November 11, 2019 - For the nine months of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project amounted to 2,337 thousand boe per day, which is 1.6% higher year-on-year. The increase was mainly driven by the development of gas projects in Uzbekistan, as well as oil production growth in Russia due to change in the terms of the external limitations of Russian companies' production volumes.

Hydrocarbon production, thousand boe per day

3Q    2019 2Q    2019   9M    2019 9M    2018
2,308 2,324 Total (excluding the West Qurna-2 project) 2,337 2,301

Oil production excluding the West Qurna-2 project for the nine months of 2019 totaled 64.2 million tonnes, which is 0.7% higher year-on-year. In the third quarter of 2019 oil production grew by 0.2% quarter-on-quarter in average daily terms.

Oil production, thousand tonnes

3Q    2019 2Q    2019   9M    2019 9M    2018
21,640 21,353 Total (excluding the West Qurna-2 project) 64,238 63,778
20,704 20,459 Russia 61,491 61,123
20,552 20,304 Subsidiaries 61,033 60,649
152 155 Share in affiliates 458 474
936 894 Outside of Russia 2,747 2,655
508 476 Subsidiaries 1,468 1,404
428 418 Share in affiliates 1,279 1,251
417 410 Compensation oil from the West Qurna-2 project 1,192 1,238
22,057 21,763 Total 65,430 65,016

Active development of the priority projects was on track. For the nine months of 2019 oil production at the V. Filanovsky field increased by 7% year-on-year. In October 2019, production started at the third production platform of the field.

For the nine months of 2019 oil production at the Yu. Korchagin field ramped up by 22% year-on-year due to drilling program within the field's second development stage.

The development of the Yaregskoye field and Permian reservoir of the Usinskoye field, including the launch of new steam-generating facilities, led to increase of high viscosity oil production for the nine months of 2019 by 18% year-on-year, to 3.7 million tonnes.

The development of growth projects in West Siberia also continued. The aggregate oil and gas condensate production at the V. Vinogradov, Imilorskoye and Pyakyakhinskoye fields for the nine months of 2019 increased by 17% year-on-year.

The share of the abovementioned projects in the LUKOIL Group's oil production excluding the West Qurna-2 project amounted to 18% for the nine months of 2019 compared to 16% for the nine months of 2018.

Gas production, million cubic meters

3Q    2019 2Q    2019   9M    2019 9M    2018
8,262 8,376 Total 25,614 24,638
4,326 4,449 Russia 13,182 13,399
4,304 4,426 Subsidiaries 13,116 13,327
22 23 Share in affiliates 66 72
3,936 3,927 Outside of Russia 12,432 11,239
3,778 3,766 Subsidiaries 11,950 10,755
158 161 Share in affiliates 482 484

For the nine months of 2019, LUKOIL Group's gas production was 25.6 billion cubic meters, which is 4.0% higher year-on-year. The main driver of gas production growth was the development of projects in Uzbekistan.

As a result of the launch of the second stage of the Kandym gas processing plant in April 2018, production in Uzbekistan for the nine months of 2019 increased to 10.3 billion cubic meters (LUKOIL's share) which is 9% higher year-on-year.

Refinery throughput, thousand tonnes

3Q    2019 2Q    2019   9M    2019 9M    2018
18,246 16,823 Total for LUKOIL Group refineries 51,737 50,314
11,610 10,749 Russia 33,326 32,262
6,636 6,074 Outside of Russia 18,411 18,052
6,208 5,554 Oil processing 16,986 15,726
428 520 Refined products processing 1,425 2,326
1,742 1,643 Third party refineries abroad 4,973 4,913

For the nine months of 2019, refinery throughput at LUKOIL Group's refineries was 51.7 million tonnes, which is 2.8% higher year-on-year. In the third quarter of 2019 refinery throughput was 7.3% higher quarter-on-quarter in average daily terms.

Refinery throughput in Russia for the nine months of 2019 increased to 33.3 million tonnes, which is 3.3% higher year-on-year. The increase was mainly due to higher utilization rate of the Nizhny Novgorod refinery. A 6.8% quarter-on-quarter increase in refinery throughput in the third quarter of 2019 was due to scheduled maintenance works at the Perm refinery in the second quarter of 2019.

Refinery throughput in Europe for the nine months of 2019 increased to 18.4 million tonnes, which is 2.0% higher year-on-year. The growth was driven by the maintenance works at the refinery in Bulgaria in the first quarter of 2018. A 8.1% quarter-on-quarter increase in refinery throughput in the third quarter of 2019 was driven by scheduled maintenance works at the refinery in the Netherlands in the second quarter of 2019, as well as by higher utilization rate of the refinery in Italy.

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Earlier:

ДОБЫЧА ЛУКОЙЛА +1.6%
2019, October, 25, 09:10:00
LUKOIL, ARAMCO DEVELOPMENT
Russian crude producer Lukoil is in talks with Saudi Aramco on potential joint projects outside Russia and Saudi Arabia, including some in Africa, CEO Vagit Alekperov said Wednesday on the sidelines of the Russia-Africa Summit in Sochi.
ДОБЫЧА ЛУКОЙЛА +1.6%
2019, October, 25, 08:55:00
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Сегодня в г. Сочи в рамках Саммита «Россия-Африка» Президент ПАО «ЛУКОЙЛ» Вагит Алекперов и Министр горнорудной промышленности и углеводородов Экваториальной Гвинеи Габриэл Мбега Обиангу Лима подписали Меморандум о взаимопонимании.
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Tags: ЛУКОЙЛ, LUKOIL