hydrocarbons represent approximately 80% of our overall production volumes.
LUKOIL operates in six countries and accounts for approximately 2% of global
Hydrocarbon Production in 2017
2017 the Company produced 87.4 million tonnes of crude oil with 81.9 million
tonnes of crude oil in Russia, accounting for 14.9% of Russia’s total
production( as reported by CDU TEK).
Company’s 2017 oil production and its dynamics in Russia was defined by the
external limitations driven by the agreement between Russia and OPEC. The
active development of highly-productive V. Filanovsky and Pyakyakhinskoye
fields launched in 2016 was continued. Ramped up the production of high-viscosity
oil at the Yaregskoye and the Usinskoye fields in TimanPechora, and tight oil
at the V. Vinogradov and the Imilorskoye fields. As a result, the share of new
highly-productive fields in the Company’s total production in Russia almost
doubled during the year.
production was launched at 12 new fields, primarily in the Timan-Pechora and
Volga regions during 2017.
Oil production structure in 2017
production increased by 15.8% year-on year to 28.9 billion cubic meters in 2017
due to the development of projects in Uzbekistan and the launch of gas
production at the Pyakyakhinskoye field in the Bolshekhetskaya Depression in the
north of West Siberia.
The overall gas production in Russia increased by 10.2%
to 18.2 billion cubic meters in 2017, due in part to gas production start-up at
the Pyakyakhinskoye field in early 2017, with a total 3.2 billion cubic meters
of gas produced throughout the year.
International projects provided 37.0% of the Company’s total gas production,
with those in Uzbekistan constituting the largest part. Gas
production increased by 26.8% to 10.7 billion cubic meters due to the launch of
new facilities in Uzbekistan. Production increase in Uzbekistan by 43.9%
(LUKOIL production share) was made possible by the Gissar project ramp-up to
the design capacity and launch of the Kandym GPC Phase 1.