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Press Releases > Oil Company "LUKOIL"  all about the company

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Oil Company "LUKOIL"

November 13, 2018

LUKOIL reports preliminary operating data for the third quarter and first nine months of 2018

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.

Note:

LUKOIL will release its Interim Consolidated Financial Statements for the third quarter and the first nine months of 2018 prepared in accordance with IFRS and MD&A on November 28, 2018.

The information in this press release is an estimate of the LUKOIL Group's results for the third quarter and the first nine months of 2018 and therefore constitutes forward-looking statements. This information is preliminary and based on information available at the date of this document, and may be revised after statistical, financial, tax and accounting statements become available. The information on the LUKOIL Group's operational results in this press release are subject to many external factors which may cause the actual results to differ materially from those expressed or forecasted in this press release for the third quarter and the first nine months of 2018. The LUKOIL Group assumes no obligation to update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise, except to the extent required by applicable law.

This document does not constitute or form part of an invitation or inducement to engage in investment activity with, or any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of, the LUKOIL Group, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of, or any investment in, the LUKOIL Group.

INFORMATION

PJSC “LUKOIL” is one of the largest publicly traded, vertically integrated oil and gas companies in the world in terms of proved hydrocarbon reserves and production; and the second largest producer of crude oil in Russia. Established in 1991, the Company currently operates in more than 30 countries with core upstream assets located in Russia. The full production cycle includes oil and gas exploration, production and refining; production of petrochemicals and lubricants; power generation; marketing and distribution. The Company’s shares are listed in Russia on Moscow Exchange under the ticker “LKOH” and depositary receipts are listed on the London Stock Exchange under the ticker “LKOD”.

CONTACT INFORMATION

Press Centre PJSC "LUKOIL"

media@lukoil.com

+7 (495) 627-16-77

https://www.lukoil.com

https://www.facebook.com/Lukoil.en

https://twitter.com/lukoilengl

 

 

 

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