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Lukoil announces preliminary operating data for Q4 and H1 2018

Gasoil News - Published on Fri, 17 Aug 2018

Image Source: mehrnews.com
In the first half of 2018 LUKOIL Group’s hydrocarbon production excluding West Qurna-2 project was 2,287 thousand boe per day, which is 3.2% higher YoY. The increase was driven by the development of gas projects. In the Q2 of 2018 production was 2,289 thousand boe per day and flat QoQ.

Hydrocarbon production, thousand boe per day
2Q 20181Q 20186M 20186M 2017
22892286Total (excluding West-Qurna 2 project)22872217
 


In the first half of 2018 LUKOIL Group’s hydrocarbon production excluding West Qurna-2 project was 2,287 thousand boe per day, which is 3.2% higher YoY. The increase was driven by the development of gas projects. In the second quarter of 2018 production was 2,289 thousand boe per day and flat quarter-on-quarter.

Hydrocarbon production, thousand boe per day
2Q 20181Q 20186M 20186M 2017
2113520926Total (excluding West-Qurna 2 project)4206142703
2025320005Russia4025840816
2009619847Subsidiaries3994340298
157158Share in affiliates315518
882921Outside of Russia18031887
457490Subsidiaries9471013
425431Share in affiliates856874
318451Compensation oil from West Qurna-2 project769887
2145321377Total4283043590
 


Active development of the priority projects continued. The third well was launched in June 2018 at the second development stage of the V. Filanovsky field, which allowed to reach sustainable daily plateau production level equivalent to 6 million tonnes of oil per year. In the first half of 2018 production at the field increased by 43% YoY, to 2.9 million tonnes.

The drilling of the first production well started at the second development stage of the Yu. Korchagin field and was completed in July 2018. The initial well flow amounted to 500 tonnes of oil per day.

Further development of the Yaregskoe field and Permian reservoir of the Usinskoe field allowed to increase high viscosity oil production in the first half of 2018 by 35% YoY, to 2 million tonnes.

Oil and gas condensate production at the Pyakyakhinskoe field in West Siberia increased by 7% YoY, to 0.8 million tonnes.

The share of the abovementioned five projects in the LUKOIL Group’s oil production excluding West Qurna-2 project amounted to 14% in the first half of 2018, 3 percentage points up YoY.

Gas production, million cubic meters
2Q 20181Q 20186M 20186M 2017
81277999Total1612613411
44564496Russia89528976
44314473Subsidiaries89048928
2523Share in affiliates4848
36713503Outside of Russia71744435
34933343Subsidiaries68364027
178160Share in affiliates338408
 


In the first half of 2018 LUKOIL Group’s gas production was 16.1 billion cubic meters, which was 20% higher YoY. In the second quarter of 2018 gas production was 8.1 billion cubic meters, which is flat 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, production at Kandym and Gissar projects in the first half of 2018 doubled YoY to 6.1 billion cubic meters.

Refinery throughput
2Q 20181Q 20186M 20186M 2017
1673416113Total for LUKOIL Group refineries3284732590
1066810655Russia2132320953
60665458Outside of Russia1152411637
53404549Oil processing988910478
726909Refined products processing16351159
16311660Third party refineries abroad32913074
 


In '0000 tonne

In the first half of 2018 throughput volumes at LUKOIL Group’s refineries increased by 0.8% YoY, to 32.8 million tonnes. In the second quarter of 2018 refinery throughput was 16.7 million tonnes, 3.9% higher quarter-on-quarter. Refinery throughput volumes in Russia were flat quarter-on-quarter and amounted to 10.7 million tonnes. Throughput at European refineries increased by 11% quarter-on-quarter, which was attributable to scheduled maintenance works at refineries in Bulgaria and Italy in the first quarter of 2018.

Source :

Posted By : Nanda Koijam on Fri, 17 Aug 2018
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