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Press Release

LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE FIRST QUARTER OF 2018

The LUKOIL Group's average daily hydrocarbon production excluding West Qurna-2 project in the first quarter of 2018 was 2,286 thousand boe per day, which was 3.3% higher year-on-year and flat quarter-on-quarter. The growth was driven by the development of gas projects.

Hydrocarbon production, thousand boe per day

1Q 20184Q 2017 1Q 20181Q 2017
2,2862,286Total (excluding West-Qurna 2 project)2,2862,213

​Starting January 2017 LUKOIL Group's oil production volumes and dynamics are mainly defined by the external limitations of Russian companies' production volumes. In the first quarter of 2018 oil production excluding West Qurna-2 project was 20.9 million tonnes with average daily production remaining at the level of the fourth quarter of 2017.

Oil production, thousand tonnes

1Q 20184Q 2017 1Q 20181Q 2017
20,92621,477Total (excluding West-Qurna 2 project)20,92621,397
20,00520,525Russia​20,00520,442
19,84720,360Subsidiaries19,84720,178
158165Share in affiliates158264
921952Outside of Russia921955
490526Subsidiaries490517
431426Share in affiliates431438
451396Compensation oil from West Qurna-2 project451405
21,37721,873Total21,37721,802

Active development of the priority projects continued. In particular, oil production at V. Filanovsky field was 1.4 million tonnes in the first quarter of 2018, one and a half times above the production for the first quarter of 2017. Two wells were completed within the second stage of the field development. Further drilling will allow to reach the sustainable production plateau of 6 million tonnes of oil per year. The Company progressed with the Yu. Korchagin field's second development stage that allowed to commence drilling of the first well in May 2018. Development of the Yaregskoe field and Permian reservoir of the Usinskoe field in Timan-Pechora allowed to increase high viscosity oil production by 45% year-on-year. Oil and gas condensate production at the Pyakyakhinskoe field in West Siberia increased by 12% year-on-year.

The share of the abovementioned projects in the LUKOIL Group's oil production excluding the West Qurna-2 project was 14% in the first quarter of 2018, which was 4 percentage points higher year-on-year.

Gas production, million cubic meters

1Q 20184Q 2017 1Q 20181Q 2017
7,9998,193Total7,9996,459
4,4964,581Russia4,4964,330
4,4734,556Subsidiaries4,4734,307
2325Share in affiliates2323
3,5033,612Outside of Russia3,5032,129
3,3433,413Subsidiaries3,3431,924
160199Share in affiliates160205

In the first quarter of 2018 LUKOIL Group's gas production was 8.0 billion cubic meters, which was 24% higher year-on-year and flat quarter-on-quarter in average daily terms.

The main driver of gas production growth was the successful development of projects in Uzbekistan. In the first quarter of 2018 gas production at Kandym and Gissar projects doubled year-on-year to 2.9 billion cubic meters due to the launch of new gas treatment facilities.

Refinery throughput at refineries, thousand tonnes

1Q 20184Q 2017 1Q 20181Q 2017
16,11317,294Total for LUKOIL Group refineries16,11316,196
10,65511,144Russia10,65510,506
5,4586,150Outside of Russia5,4585,690
4,5495,669Oil processing4,5495,119
909481Refined products processing909571
1,6601,803Third party refineries abroad1,6601,396

Refinery throughput at the LUKOIL Group's refineries in the first quarter of 2018 amounted to 16.1 million tonnes. Refinery throughput in Russia increased by 1.4% year-on-year to 10.7 million tonnes mainly due to the increased throughput at Volgograd refinery. The year-on-year dynamics of the refinery throughput in Europe was driven by the maintenance works at refineries in Bulgaria and Italy in the first quarter of 2018. A quarter-on-quarter reduction of the refinery throughput was mainly driven by the maintenance works at refineries.​


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