Lukoil Gas Output Dips 17% in 2020
Lukoil recorded a 17% fall in gas extraction last year to 29bn m3, the Russian producer reported on February 8, primarily because of a cut in supplies from its Uzbek fields to China early on in the year because of the coronavirus pandemic.
Production in the fourth quarter came to 8.23bn m3, down 13% year on year but representing a 38% increase quarter on quarter, driven by a recovery in output in Uzbekistan. Lukoil's two main projects in the Central Asian state are the Kandym-Khauzak-Shady and South-West Gissar developments, which produced 10.5bn m3 and 3.7bn m3 of gas for the company respectively in 2019.
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Lukoil's oil production, excluding contributions from the West Qurna-2 project in Iraq, fell 10% in 2020 to 77.2mn metric tons as result of Opec+ cuts. Output reached 18.8mn mt in the fourth quarter, down 13% yr/yr but up 3% q/q.