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2019-05-15 11:00:00

LUKOIL'S PRODUCTION +4.1%

ДОБЫЧА ЛУКОЙЛА +4.1%

LUKOILIn 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    20194Q    2018 1Q    20191Q    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    20194Q    2018 1Q    20191Q    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    20194Q    2018 1Q    20191Q    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    20194Q    2018 1Q    20191Q    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:

 

 LUKOIL WORKS FOR IRAQ 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.
 
 LUKOIL'S PROFIT +48%
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.
 
 OIL PRICES WILL BE $60-$70 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.
 
 LUKOIL RESERVES 101% 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.
 
 LUKOIL'S PRODUCTION 2.3 MBD 2019, February, 6, 10:40:00
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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.
 
 LUKOIL, KAZMUNAYGAS CONSORTIUM
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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