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Lukoil Reports Rise in Hydrocarbon Production for First Nine Months

Posted on: Tuesday, 6 November 2007, 09:06 CST

Oil exploration and production company Lukoil has reported total hydrocarbon production of 2.18 million boe/d for the first nine months of 2007, up 43,000 boe/d year-on-year.

Crude oil output of the group totaled 1,967,000 boe/d, up 2.3%, or 72.7 million tons year-over-year. Lukoil subsidiary companies produced 70.8 million tons of crude, up 3.5% year-on-year. Natural and associated gas output of Lukoil group available for sale was 9.95 billion cubic meters, which is 0.4% less than in nine months of 2006.

Lukoil production growth rates were impacted by the sale in the end of April of a 50% stake in Caspian Investments, engaged in hydrocarbon exploration and production in Kazakhstan, as well as by the limitations placed by Gazprom on natural gas intake.

Throughputs at the company's own refineries in Russia grew by 9.5% year-on-year, to 31.51 million tons, due to Lukoil refining capacity expansion and modernization as well as high refinery margins in Russia. Despite a temporary decrease in refinery throughputs due to a scheduled turnaround at the Burgas refinery, throughputs at own foreign refineries remained almost unchanged and totaled 7.13 million tons in nine months of 2007. Lukoil refined 38.64 million tons of crude at the company's own refineries in Russia and abroad, up 7.6% year-over-year.

Source: Datamonitor

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