2019-05-15 11:00:00
LUKOIL'S PRODUCTION +4.1%
LUKOIL - In the first quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,379 thousand boe per day, which is 4.1% higher year-on-year and 0.3% higher quarter-on-quarter. The increase was mainly driven by the development of gas projects in Uzbekistan.
Hydrocarbon production, thousand boe per day
| 1Q 2019 | 4Q 2018 | 1Q 2019 | 1Q 2018 | |
|---|---|---|---|---|
| 2,379 | 2,371 | Total (excluding the West Qurna-2 project) | 2,379 | 2,286 |
Oil production excluding the West Qurna-2 project in the first quarter of 2019 was 21.2 million tonnes, which is 1.5% higher year-on-year and 0.5% lower quarter-on-quarter in average daily terms. LUKOIL Group's oil production volumes and dynamics are mainly defined by the external limitations of Russian companies' production volumes.
Oil production, thousand tonnes
| 1Q 2019 | 4Q 2018 | 1Q 2019 | 1Q 2018 | |
|---|---|---|---|---|
| 21,244 | 21,832 | Total (excluding the West Qurna-2 project) | 21,244 | 20,926 |
| 20,328 | 20,922 | Russia | 20,328 | 20,005 |
| 20,177 | 20,763 | Subsidiaries | 20,177 | 19,847 |
| 151 | 159 | Share in affiliates | 151 | 158 |
| 916 | 910 | Outside of Russia | 916 | 921 |
| 484 | 497 | Subsidiaries | 484 | 490 |
| 432 | 413 | Share in affiliates | 432 | 431 |
| 390 | 276 | Compensation oil from the West Qurna-2 project | 390 | 451 |
| 21,634 | 22,108 | Total | 21,634 | 21,377 |
Active development of the priority projects continued. In particular, in the first quarter of 2019 oil production at the V. Filanovsky field increased by 18% year-on-year. The seventh well was commissioned at the second production platform of the field.
In the first quarter of 2019 oil production at the Yu. Korchagin field increased by 27% year-on-year as a result of drilling program at the field's second development stage.
The development of the Yaregskoe field and Permian reservoir of the Usinskoe field, including the launch of new steam-generating capacities, allowed increasing high viscosity oil production in the first quarter of 2019 by 16% year-on-year, to 1.2 million tonnes.
The development of growth projects in West Siberia also continued. Overall oil and gas condensate production at the V. Vinogradov, Imilorskoe and Pyakyakhinskoe fields increased in the first quarter of 2019 by 14% 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% in the first quarter of 2019 compared to 15% in the first quarter of 2018.
Gas production, million cubic meters
| 1Q 2019 | 4Q 2018 | 1Q 2019 | 1Q 2018 | |
|---|---|---|---|---|
| 8,976 | 8,905 | Total | 8,976 | 7,999 |
| 4,407 | 4,405 | Russia | 4,407 | 4,496 |
| 4,386 | 4,385 | Subsidiaries | 4,386 | 4,473 |
| 21 | 20 | Share in affiliates | 21 | 23 |
| 4,569 | 4,500 | Outside of Russia | 4,569 | 3,503 |
| 4,406 | 4,341 | Subsidiaries | 4,406 | 3,343 |
| 163 | 159 | Share in affiliates | 163 | 160 |
In the first quarter of 2019, LUKOIL Group's gas production was 9.0 billion cubic meters, which is 12% 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, production in Uzbekistan in the first quarter of 2019 increased to 3.8 billion cubic meters (LUKOIL's share) which is 33% higher year-on-year.
Refinery throughput, thousand tonnes
| 1Q 2019 | 4Q 2018 | 1Q 2019 | 1Q 2018 | |
|---|---|---|---|---|
| 16,668 | 17,002 | Total for LUKOIL Group refineries | 16,668 | 16,113 |
| 10,967 | 10,927 | Russia | 10,967 | 10,655 |
| 5,701 | 6,075 | Outside of Russia | 5,701 | 5,458 |
| 5,224 | 5,544 | Oil processing | 5,224 | 4,549 |
| 477 | 531 | Refined products processing | 477 | 909 |
| 1,588 | 1,634 | Third party refineries abroad | 1,588 | 1,660 |
In the first quarter of 2019 refinery throughput at LUKOIL Group's refineries was 16.7 million tonnes, which in average daily terms is 0.2% higher quarter-on-quarter and 3.4% higher year-on-year.
Refinery throughput in Russia increased to 11.0 million tonnes, which in average daily terms is 2.6% higher quarter-on-quarter and 2.9% higher year-on-year. The increase was due to higher utilization rate of the Nizhny Novgorod refinery.
Lower quarter-on-quarter refinery throughput in Europe was driven by feedstock supply disruptions through the port of Novorossiysk due to weather conditions. Higher year-on-year refinery throughput in Europe was driven by the maintenance works at the refineries in Bulgaria and Italy in the first quarter of 2018.
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Earlier:
 2019, April, 1, 11:15:00
LUKOIL WORKS FOR IRAQ
Mr. Abdul-Mahdi gave high appraisal of LUKOIL's operations in the country and expressed support for the intention to deliver first production at Eridu field ahead of time.
|
2019, March, 6, 11:25:00
LUKOIL'S PROFIT +48%
LUKOIL - In 2018, profit attributable to shareholders amounted to RUB 619.2 bln, 47.8% higher year-on-year. The growth was constrained by higher DD&A due to the launch of new production facilities.
|
 2019, March, 1, 12:15:00
OIL PRICES WILL BE $60-$70
The next 10-15 years will be a period of stable development for the oil industry and prices will remain relatively high at $60-$70/b, the CEO of Lukoil, Russia's second-largest crude producer, said Wednesday.
|
 2019, February, 20, 10:35:00
LUKOIL RESERVES 101%
LUKOIL - According to the SEC classification, the Company's proved hydrocarbon reserves totaled 15.9 billion barrels of oil equivalent, 76% of which stood for liquids. The proved reserves replacement ratio for liquids totaled 101%. In Russia, the main region of LUKOIL's operations, the replacement ratio reached 127%. The Company's proved hydrocarbon reserves life is 19 years.
|
 2019, February, 6, 10:40:00
LUKOIL'S PRODUCTION 2.3 MBD
LUKOIL - In 2018 LUKOIL Group's average hydrocarbon production excluding West Qurna-2 project was 2,319 thousand boe per day, which is 3.8% higher year-on-year. In the fourth quarter of 2018 production increased by 1.9% quarter-on-quarter and averaged 2,371 thousand boe per day. The increase was mainly driven by the development of gas projects in Uzbekistan.
|
2018, December, 7, 07:30:00
LUKOIL, KAZMUNAYGAS CONSORTIUM
LUKOIL - President of PJSC LUKOIL Vagit Alekperov and Chairman of the Management Board of JSC NC KazMunayGas Alik Aidarbayev signed agreements on joint cooperation and financing of the Zhenis project in the Kazakhstan's sector of the Caspian Sea. The documents set the terms of the block's development.
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Chronicle:
2019, May, 24, 09:55:00
SOME PROBLEMS OF WORLD ENERGY. PART FOUR.
The introduction of oxygen energy technologies will allow 3-5 times reduce the price of heat and electricity, which will expand the use of the benefits of electricity to virtually all people on Earth, regardless of their economic condition and their removal from the traditional onnyh energy sources.
2019, May, 24, 09:50:00
FIRST BANGLADESH'S LNG
Bangladesh’s second liquefied natural gas (LNG) floating facility is set to receive its first ship-to-ship transfer of gas from an Algerian cargo,
2019, May, 23, 12:35:00
OIL PRICE: ABOVE $70 YET
Brent crude futures were at $70.36 per barrel, down 63 cents, or 0.9%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down by 51 cents, or 0.8%, at $60.91 per barrel.
2019, May, 23, 12:15:00
U.S. SANCTIONS FOR GERMANY
The German Economy Ministry has taken note of the threat of U.S. sanctions being placed on the Nord Stream 2 gas pipeline project, a spokeswoman said on Wednesday, adding that Berlin rejected sanctions that have extraterritorial effect.
2019, May, 23, 12:10:00
RUSSIA'S GAS FOR AUSTRIA: +44%
the meeting participants discussed the ongoing exports of Russian gas to Austria, noting that gas exports to the country continue to grow in 2019 and the pace is accelerating. According to preliminary data, gas supplies went up by 20.5 per cent in January-April 2019 compared to the same period of 2018, while the May 1–20 period of this year showed a 44 per cent increase.
2019, May, 23, 12:05:00
VIETNAM, RUSSIA LNG
NOVATEK announced that its joint venture Arctic LNG 2 and TechnipFMC signed a contract on engineering, procurement, supply, construction and commissioning of an integrated liquefied natural gas facility with annual liquefaction capacity of 19.8 million tons under the Arctic LNG 2 project. The contract terms provide for the launch of the first train of the project in 2023.
2019, May, 23, 12:02:00
21ST AFRICA ENERGY FORUM | 11-14TH JUNE | PORTUGAL
The Africa Energy Forum (AEF) is the global investment meeting for Africa’s power, energy, infrastructure and industrial sectors.