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LUKOIL reports preliminary operating data for the third quarter and nine months of 2017

November 15/ 07:26


Moscow. The LUKOIL Group's hydrocarbon production excluding West Qurna-2 project for the first nine months of 2017 increased by 2.3% as compared to the same period of 2016 to 2,218 thousand boe per day. The increase was driven by gas projects development. In the third quarter of 2017 production was 2,219 thousand boe per day, almost unchanged quarter-on-quarter.

Hydrocarbon production, thousand boe per day

3Q 2017 2Q 2017   9M 2017 9M 2016
2,219 2,222 Total (excluding West-Qurna 2 project) 2,218 2,168

​Starting January 2017 LUKOIL Group's oil production volume and dynamics are mainly defined by the external limitations of Russian companies' production volumes. For the first nine months of 2017 production excluding West Qurna-2 project was 64.1 million tons, including 21.4 million tons produced in the third quarter of 2017.

In the third quarter of 2017 production growth continued as planned at V. Filanovsky and Pyakyakhinskoe fields and amounted to 4.5% and 2.4%  quarter-on-quarter respectively. The active development of high viscosity oil projects in Timan-Pechora continued. As such, production at Yaregskoe field increased by 30% as compared to the second quarter of 2017.

Oil production, thousand tons

3Q 2017 2Q 2017   9M 2017 9M 2016
21,411 21,306 Total (excluding West-Qurna 2 project) 64,114 64,824
20,538 20,374
Russia
61,354 62,031
20,337 20,120
Subsidiarie​s
60,635 61,317
201 254
Share in affiliate​s
719 714
873 932
Outside of Russia
2,760 2,793
464 496
Subsidiarie​s
1,477 1,533
409 436
Share in affiliate​s
1,283 1,260
540 482 Compensation oil from West Qurna-2 project 1,427 4,477
21,951 21,788 Total 65,541 69,301

The LUKOIL Group's gas production increased by 4.4% quarter-on-quarter in the third quarter of 2017 to 7.3 billion cubic meters. As a result, for the first nine months of 2017 production increased by 12.4% year-on-year to 20.7 billion cubic meters. Gas production was positively impacted by the launch of gas facilities at Pyakyakhinskoe field in January 2017 and main production facilities at Gissar project in Uzbekistan in the third quarter of 2017. Quarter-on-quarter production at Gissar project more than doubled.

Gas production, million cubic meters

3Q 2017 2Q 2017   9M 2017 9M 2​016
7,257 6,952 Total 20,668 18,383
4,619 4,646
Russia
13,595 12,176
4,596 4,621
Subsidiarie​s
13,524 12,113
23 25
Share in affiliate​s
71 63
2,638 2,306
Outside of Russia
7,073 6,207
2,445 2,103
Subsidiarie​s
6,472 5,646
193 203
Sh​are in affiliate​s
601 561

Refinery throughput at the LUKOIL Group's refineries in the third quarter of 2017 increased by 5.9% quarter-on-quarter and amounted to 17.4 million tons. Growth of refinery throughput in Russia was mainly due to maintenance works at Perm refinery in the second quarter of 2017. An increase in the utilization rate of European refineries was attributable to the completion of the maintenance works at Petrotel and ISAB refineries, as well as favorable market environment.

Refinery throughput for the first nine months of 2017 increased by 1.2% year-on-year to 49.9 million tons. Refinery throughput in Russia increased by 3.0% year-on-year, which was mainly due to maintenance works at our Nizhny Novgorod and Volgograd refineries in 2016. Refinery throughput in Europe decreased by 1.8% year-on-year mainly due to the maintenance works at Petrotel and ISAB refineries in the first half of 2017.

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