Excluding Iraq, Russia’s LUKoil boosts hydrocarbon production

EPA/JAKUB KACZMARCZYK/FILE PICTURE

A LUKoil petrol station in Poznan, Poland. Refinery throughput at LUKoil Group's refineries in the second quarter of 2017 was 16.4 million tonnes, which is 1.2% higher quarter-on-quarter.

Gas production for the second quarter of 2017 increased by 7.6% quarter-on-quarter and amounted to 7.0 bcm


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Russian energy company LUKoil said on August 15 the Group’s daily hydrocarbon production excluding West Qurna-2 project in Iraq for the first six months of 2017 increased by 1.5% year-on-year to 2,217 thousand barrels of oil equivalent per day.

In the second quarter of 2017 production was 2,222 thousand barrels of oil equivalent per day, representing a 0.4% growth quarter-on-quarter, LUKoil said, adding that the increase in production was driven by the development of gas projects.

LUKoil crude oil production in the second quarter of 2017 amounted to 21.8 million tonnes. The quarter-on-quarter decline was due to the temporary external limitations of Russian companies’ production volumes. For the first six months of 2017 oil production was 43.6 million tonnes. The year-on-year dynamics was mainly driven by the reduction in compensation crude oil volumes from the West Qurna-2 project in Iraq.

Planned production growth continued at V. Filanovsky and Pyakyakhinskoe fields and amounted to 25.8% and 11.7% quarter-on-quarter, respectively.

LUKoil said the Group’s gas production for the second quarter of 2017 increased by 7.6% quarter-on-quarter and amounted to 7.0 billion cubic metres. As a result, for the first six months of 2017 LUKoil produced 13.4 billion cubic metres of gas, which is 9.4% higher year-on-year. Production dynamics was positively impacted by the launch of gas facilities at Pyakyakhinskoe field in the beginning of 2017 and the development of gas projects in Uzbekistan.

Refinery throughput at LUKoil Group’s refineries in the second quarter of 2017 was 16.4 million tonnes, which is 1.2% higher quarter-on-quarter. For the first six months of 2017, refinery throughput was 32.6 million tonnes, a 1.1% increase year-on-year.

One of Russia’s largest energy companies, LUKoil said the quarter-on-quarter positive dynamics was mainly attributable to the increase in the utilization rate at our refinery in Romania after maintenance in the first quarter of 2017. A moderate decrease of Company’s throughput volumes in Russia was driven by repair works at Perm refinery, while utilisation rates at refineries in Nizhny Novgorod and Volgograd increased due to seasonal factors.

In the first six months of 2017, throughput volumes at our refineries in Russia increased by 5.1% year-on-year primarily due to maintenance works at refineries in Nizhny Novgorod and Volgograd in the first half of 2016.

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