Lukoil Q4 Output up on Gas

Russia's largest privately-held oil company Lukoil produced 2.28mn barrels of oil equivalent (boe)/day – excluding its share of West Qurna 2 – in the fourth quarter of last year, up 2.9% on Q42016. Year on year, output was up just 2.4%, averaging 2.234mn boe/d.

The end of year increase was driven by projects in Uzbekistan, it said February 15. In Q4, production at Kandym and Gissar projects increased by 30.7% versus Q3 to 2.8bn m³ as a new gas processing plant came onstream. Gas production also rose by 12.5% quarter-on-quarter to 8.2bn m³, resulting in an annual total of 28.8bn m³, up by a sixth on 2016.

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

In 2017 oil production excluding West Qurna 2 project was 85.6mn mt (about 1.8mn b/d).  Since the start of that year, Lukoil's production volumes and dynamics have had to fit with Russia's commitments to reduce output in support of the Opec-led campaign to mop up the crude oversupply.

In Q4 2017 oil production at V. Filanovsky field increased 21.2% quarter-on-quarter and reached 4.6mn mt for the full year, outperforming the planned annual level by 170,000 mt. 

Gas production (mn m³)

Source: Lukoil