2021-05-18 12:55:00
LUKOIL PRODUCTION 2.1 MBD
LUKOIL - Friday, May 14, 2021 - In the first quarter of 2021 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,152 thousand boe per day, which is 4.2% higher quarter-on-quarter. The growth was attributable to the dynamics of the external limitations on oil production due to the OPEC+ agreement, as well as to the recovery of gas production in Uzbekistan. Hydrocarbon production was 7.6% lower year-on-year due to the OPEC+ agreement.
Hydrocarbon production, thousand boe per day
| 1Q 2021 | 4Q 2020 | 1Q 2021 | 1Q 2020 | |
| 2,152 | 2,065 | Total (excluding the West Qurna-2 project) | 2,152 | 2,328 |
Oil production excluding the West Qurna-2 project was 18.8 million tonnes in the first quarter of 2021, which is 2.4% higher quarter-on-quarter and 11.2% lower year-on-year in average daily terms. Oil production dynamics was driven by the OPEC+ agreement concluded in April 2020, which led to limitations on oil production by the Group in Russia and at certain international projects. Due to the agreement, oil production by the Group in Russia was cut in May 2020 by approximately 310 thousand barrels per day, or by 19%, as compared to the level of the first quarter of 2020, and has been gradually recovering subsequently. As a result, in the first quarter of 2021 oil production by the Group in Russia was approximately 130 thousand barrels per day higher compared to May 2020 level.
Oil production, thousand tonnes
| 1Q 2021 | 4Q 2020 | 1Q 2021 | 1Q 2020 | |
| 18,780 | 18,755 | Total (excluding the West Qurna-2 project) | 18,780 | 21,384 |
| 17,887 | 17,801 | Russia | 17,887 | 20,365 |
| 17,746 | 17,663 | Subsidiaries | 17,746 | 20,227 |
| 141 | 138 | Share in affiliates | 141 | 138 |
| 893 | 954 | Outside of Russia | 893 | 1,019 |
| 560 | 605 | Subsidiaries | 560 | 588 |
| 333 | 349 | Share in affiliates | 333 | 431 |
| 609 | 463 | Share in the West Qurna-2 project | 609 | 721 |
| 19,389 | 19,218 | Total | 19,389 | 22,105 |
Despite external limitations on production volumes, development of the priority projects continued. In particular, in West Siberia total oil and gas condensate production in the first quarter of 2021 at the V. Vinogradov, Imilorskoye, Sredne-Nazymskoye and Pyakyakhinskoye fields increased by 8.3% year-on-year, to 1.1 million tonnes.
High viscosity oil production at the Yaregskoye field and Permian reservoir of the Usinskoye field in the first quarter of 2021 increased by 4.3% year-on-year, to 1.3 million tonnes.
Implementation of drilling programs at the V. Filanovsky and Yu. Korchagin fields in the Caspian Sea allowed to increase total oil and gas condensate production in the first quarter of 2021 by 1.6% year-on-year, to 1.9 million tonnes. The V.I. Grayfer field development continues: subsea pipelines and cable lines are being laid, shipyards are constructing topsides of the platforms.
The share of the abovementioned projects in the LUKOIL Group's oil production excluding the West Qurna-2 project amounted to 23% in the first quarter of 2021 as compared to 19% in the first quarter of 2020.
Gas production, million cubic meters
| 1Q 2021 | 4Q 2020 | 1Q 2021 | 1Q 2020 | |
| 8,789 | 8,225 | Total | 8,789 | 8,412 |
| 4,263 | 4,309 | Russia | 4,263 | 4,665 |
| 4,222 | 4,269 | Subsidiaries | 4,222 | 4,643 |
| 41 | 40 | Share in affiliates | 41 | 22 |
| 4,526 | 3,916 | Outside of Russia | 4,526 | 3,747 |
| 4,381 | 3,759 | Subsidiaries | 4,381 | 3,581 |
| 145 | 157 | Share in affiliates | 145 | 166 |
In the first quarter of 2021, gas production increased in average daily terms by 9.2% quarter-on-quarter and by 5.6% year-on-year, to 8.8 billion cubic meters.
In Russia gas production increased in average daily terms by 1.1% quarter-on-quarter and decreased by 7.6% year-on-year, to 4.3 billion cubic meters. Dynamics of gas production in Russia was driven by the change in associated petroleum gas production due to the external limitations on oil production.
Outside Russia gas production increased in average daily terms by 18.1% quarter-on-quarter and by 22.1% year-on-year, to 4.5 billion cubic meters. The growth was driven by recovery of gas production in Uzbekistan after temporary decline in 2020 due to lower demand from China for gas produced in Uzbekistan amid the COVID-19 pandemic.
Refinery throughput, thousand tonnes
| 1Q 2021 | 4Q 2020 | 1Q 2021 | 1Q 2020 | |
| 14,444 | 13,145 | Total for LUKOIL Group refineries | 14,444 | 17,090 |
| 10,026 | 9,682 | Russia | 10,026 | 10,937 |
| 4,418 | 3,463 | Outside of Russia | 4,418 | 6,153 |
| 3,788 | 3,085 | Oil processing | 3,788 | 5,590 |
| 630 | 378 | Refined products processing | 630 | 563 |
| 0 | 28 | Third party refineries abroad | 0 | 53 |
In the first quarter of 2021 refinery throughput at LUKOIL Group's refineries was 14.4 million tonnes, which is 9.9% higher quarter-on-quarter, and 15.5% lower year-on-year. The dynamics of refinery throughput volumes was attributable to scheduled maintenance works and throughput optimization at some of the refineries driven by the changes in macro environment.
Refinery throughput in Russia in the first quarter of 2021 increased by 3.6% quarter-on-quarter, to 10.0 million tonnes due to scheduled maintenance works in the fourth quarter of 2020. Refinery throughput in Europe in the first quarter of 2021 increased by 27.6% quarter-on-quarter to 4.4 million tonnes mainly due to scheduled maintenance works and throughput optimization at refineries in Italy and Bulgaria in the fourth quarter of 2020.
-----
Earlier:
2021, March, 11, 13:20:00
LUKOIL PROFIT RUB15.2 BLN
PJSC LUKOIL today released its audited consolidated financial statements for 2020 prepared in accordance with the International Financial Reporting Standards (IFRS).
