LUKOIL Reports Preliminary Operating Data for the Q3 & Nine Months of 2021

Source: www.gulfoilandgas.com 11/10/2021, Location: Asia

For the nine months of 2021 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,116 thousand boe per day, which is 2.5% higher year-on-year, while in the third quarter of 2021 hydrocarbon production increased by 3.2% quarter-on-quarter. The production growth was attributable to the dynamics of the external limitations on oil production due to the OPEC+ agreement, as well as higher gas production volumes.

Hydrocarbon production, thousand boe per day
3Q 2021? : 2,132 Total (excluding the West Qurna-2 project)
2Q 2021 : 2,065 Total (excluding the West Qurna-2 project)

For the nine months of 2021 oil production excluding the West Qurna-2 project remained unchanged year-on-year in average daily terms and amounted to 58.3 million tonnes, while in the third quarter of 2021 oil production increased by 1.6% quarter-on-quarter in average daily terms and amounted to 20.0 million tonnes. Oil production dynamics was driven by the OPEC+ agreement concluded in April 2020, which led to limitations on oil production by the Group in Russia and at certain international projects. Due to the agreement, oil production by the Group in Russia was cut in May 2020 by approximately 310 thousand barrels per day, or by 19%, as compared to the level of the first quarter of 2020, and has been gradually recovering subsequently. As a result, in the third quarter of 2021 oil production by the Group in Russia was approximately 210 thousand barrels per day higher compared to May 2020 level.

Gas production, million cubic meters:
For the nine months of 2021, gas production increased in average daily terms by 13.6% year-on-year, to 23.5 billion cubic meters. The growth was driven by recovery of gas production in Uzbekistan after temporary decline in 2020 due to lower demand from China for gas produced in Uzbekistan amid the COVID-19 pandemic.

In the third quarter of 2021, gas production increased in average daily terms by 7.4% quarter-on-quarter and amounted to 7.7 billion cubic meters. The increase was mainly attributable to completion of scheduled maintenance works at the projects in Uzbekistan.

Refinery throughput, thousand tonnes:
For the nine months of 2021 refinery throughput at LUKOIL Group's refineries was 47.5 million tonnes, which is 4.4% higher year-on-year. In the third quarter of 2021 refinery throughput was 17.3 million tonnes, which is 9.9% higher quarter-on-quarter. The increase in refinery throughput volumes both in and outside Russia was attributable to the recovery of refineries utilization rates after scheduled maintenance works, as well as throughput optimization at the refineries driven by the changes in macro environment.?


United States >>  6/28/2022 - A privately held exploration and production company with a focus on the deepwater Gulf of Mexico ("GOM"), LLOG Exploration Company, L.L.C. ("LLOG" or ...
Argentina >>  6/27/2022 - The upstream energy firm with a focus on Latin America, Echo Energy plc, reports that AIM Regulation has given the company an extra two months to publ...

United States >>  6/27/2022 - The oil exploration, development, and production company Mosman Oil and Gas Limited ( MSMN) is happy to deliver the following operational update. ...
Canada >>  6/24/2022 - ReGen III Corp. is pleased to provide the following updates regarding its Sale, Purchase and Marketing Agreement with bp.

On May 1, 2021, ...


Iraq >>  6/24/2022 - Gulf Keystone, a prominent independent operator and producer in the Kurdistan Region of Iraq, delivers an operational and corporate update ahead of to...
Nigeria >>  6/23/2022 - ADM Energy PLC, a natural resources investing company, announces its audited full year results for the 12 months ended 31 December 2021.

I...





Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.