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Lukoil reports preliminary operating data for the Q4 and 2017

In 2017 production increased by 2.4% year-on-year to 2,234 thousand boe per day.

The hydrocarbon production excluding West Qurna-2 project in the Q4 increased by 2.9% quarter-on-quarter to 2,284 thousand boe per day. The increase was driven by the development of gas projects. In 2017 production increased by 2.4% year-on-year to 2,234 thousand boe per day, Lukoil reported on February 15, 2018.


 In 2017 oil production excluding West Qurna-2 project was 85.6 million tonnes, including 21.5 million tonnes produced in the Q4 of 2017. Starting January 2017 Lukoil's oil production volumes and dynamics are mainly defined by the external limitations of Russian companies' production volumes.


In the Q4 oil production at V. Filanovsky field increased 21.2% quarter-on-quarter and reached 4.6 million tonnes for the full year, outperforming the planned annual level by 170 thousand tonnes. Production growth was driven by the launch of 3 production and 2 injection wells during the year. Production drilling at the 2nd stage of the field development started in December, 2017.


Active development of high viscosity oil projects continued in Timan-Pechora. Production at Yaregskoe field and Permian reservoir of Usinskoe field increased by 11.5% and 9.3% quarter-on-quarter respectively. Successful development of Pyakyakhinskoe field led to an increase in crude oil & gas condensate production to 1.5 million tonnes for 2017.


In the Q4 the Lukoil´s gas production increased by 12.5% quarter-on-quarter to 8.2 billion cubic meters. As a result, in 2017 production increased by 15.7% year-on-year to 28.8 billion cubic meters.


Lukoil had achieved significant progress in Uzbekistan gas projects development. In the Q4 production at Kandym and Gissar projects increased by 30.7% quarter-on-quarter to 2.8 billion cubic meters. The growth was driven by the launch of new gas treatment facilities.


Gas production growth in Russia was mainly attributable to the launch of gas facilities at Pyakyakhinskoe field in January, 2017.


Refinery throughput at the Lukoil's refineries in the Q4 was practically flat quarter-on-quarter and amounted to 17.3 million tonnes. Refinery throughput in 2017 increased by 1.8% year-on-year to 67.2 million tonnes.


Growth of refinery throughput in Russia in the Q4 was mainly due to scheduled maintenance works at Nizhny Novgorod refinery in the Q3 of 2017. Quarterly dynamics of refinery throughput at European refineries was attributable to scheduled maintenance works at Zeeland refinery in the Q4.


In 2017 refinery throughput in Russia increased by 3.2% year-on-year, which was mainly due to Volgograd refinery upgrade, as well as scheduled maintenance works at  Nizhny Novgorod and Volgograd refineries in 2016.


Source : Neftegaz.RU