Lukoil oil, gas output up in 2013

LUKOIL’s Board of Directors held a meeting in Moscow on January 13 to summarize the company’s preliminary performance results from 2013 and set priorities for 2014.

The geologic exploration results prove that an increment of the recoverable hydrocarbon reserves in the amount of 130.2 million tons of reference fuel (93.5 million tons of liquid hydrocarbons and 36.7 billion cubic meters of natural gas) is expected in 2013, which will ensure hydrocarbon production compensation with a 112-percent increase of the hydrocarbon reserves. In 2013, the company obtained 42 new licenses for subsoil use.

The hydrocarbon production by LUKOIL Group (including its share in subsidiaries and affiliated companies’ production) is expected to total 116.6 million tons of reference fuel, which exceeds the 2012 figure by 2.2 million tons (or 1.9%) of reference fuel.

The estimated oil production volume in LUKOIL Group totals 90.8 million tons, including 85.5 million tons in Russia and 5.3 million tons overseas. In 2013, the company reversed a years-long decline in the daily oil production rate. The oil production volume grew by 0.9 million tons as compared with 2012.

The gas production volume by LUKOIL Group is expected to reach 25.8 billion cubic meters in 2013, including 18.1 billion cubic meters in Russia and 7.7 billion cubic meters overseas. The gas production volume will grow by 1.2 billion cubic meters, or 4.9%, as compared with 2012.

The utilization level of associated (petroleum) gas in the RF territory will come to 87.7%, higher than in 2012.

The supply of oil to be processed by the company's refineries (including the mini-refineries) within Russia is expected to reach 45.2 million tons (+1.9% as compared with 2012).

The 2013 oil export volume by LUKOIL Group is expected to reach 31.9 million tons. The reduction of export via the AK Transneft pipeline system by 5.2 million tons (-17%), as compared with 2013 is due, specifically, to the increased oil sales at the Russian Federation domestic market.

Source: Lukoil Press Office, 2014