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Press Release

LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE SECOND QUARTER AND FIRST HALF OF 2018

In the first half of 2018 LUKOIL Group's hydrocarbon production excluding West Qurna-2 project was 2,287 thousand boe per day, which is 3.2% higher year-on-year. The increase was driven by the development of gas projects. In the second quarter of 2018 production was 2,289 thousand boe per day and flat quarter-on-quarter.

Hydrocarbon production, thousand boe per day

2Q 20181Q 2018 6M 20186M 2017
2,2892,286Total (excluding West-Qurna 2 project)2,2872,217

Oil production excluding West Qurna-2 project in the first half of 2018 was 42.1 million tonnes, including 21.1 million tonnes produced in the second quarter, which is flat quarter-on-quarter in average daily terms. Starting January 2017 LUKOIL Group's oil production volumes and dynamics are mainly defined by the external limitations of Russian companies' production volumes.

Oil production, thousand tonnes

2Q 20181Q 2018 6M 20186M 2017
21,13520,926Total (excluding West-Qurna 2 project)42,06142,703
20,25320,005Russia40,25840,816
20,09619,847Subsidiaries39,94340,298
157158Share in affiliates315518
882921Outside of Russia1,8031,887
457490Subsidiaries9471,013
425431Share in affiliates856874
318451Compensation oil from West Qurna-2 project769887
21,45321,377Total42,83043,590

Active development of the priority projects continued. The third well was launched in June 2018 at the second development stage of the V. Filanovsky field, which allowed to reach sustainable daily plateau production level equivalent to 6 million tonnes of oil per year. In the first half of 2018 production at the field increased by 43% year-on-year, to 2.9 million tonnes.

The drilling of the first production well started at the second development stage of the Yu. Korchagin field and was completed in July 2018. The initial well flow amounted to 500 tonnes of oil per day.

Further development of the Yaregskoe field and Permian reservoir of the Usinskoe field allowed to increase high viscosity oil production in the first half of 2018 by 35% year-on-year, to 2 million tonnes.

Oil and gas condensate production at the Pyakyakhinskoe field in West Siberia increased by 7% year-on-year, to 0.8 million tonnes.

The share of the abovementioned five projects in the LUKOIL Group's oil production excluding West Qurna-2 project amounted to 14% in the first half of 2018, 3 percentage points up year-on-year.

Gas production, million cubic meters

2Q 20181Q 2018 6M 20186M 2017
8,1277,999Total16,12613,411
4,4564,496Russia8,9528,976
4,4314,473Subsidiaries8,9048,928
2523Share in affiliates4848
3,6713,503Outside of Russia7,1744,435
3,4933,343Subsidiaries6,8364,027
178160Share in affiliates338408

​In the first half of 2018 LUKOIL Group's gas production was 16.1 billion cubic meters, which was 20% higher year-on-year. In the second quarter of 2018 gas production was 8.1 billion cubic meters, which is flat quarter-on-quarter in average daily terms.

The main driver of gas production growth was the successful development of projects in Uzbekistan. Due to the launch of new gas treatment facilities, production at Kandym and Gissar projects in the first half of 2018 doubled year-on-year to 6.1 billion cubic meters.

Refinery throughput, thousand tonnes

2Q 20181Q 2018 ​6M 20186M 2017
16,73416,113Total for LUKOIL Group refineries32,84732,590
10,66810,655Russia21,32320,953
6,0665,458Outside of Russia11,52411,637
5,3404,549Oil processing9,88910,478
726909Refined products processing1,6351,159
1,6311,660Third party refineries abroad3,2913,074

​In the first half of 2018 throughput volumes at LUKOIL Group's refineries increased by 0.8% year-on-year, to 32.8 million tonnes. In the second quarter of 2018 refinery throughput was 16.7 million tonnes, 3.9% higher quarter-on-quarter. Refinery throughput volumes in Russia were flat quarter-on-quarter and amounted to 10.7 million tonnes. Throughput at European refineries increased by 11% quarter-on-quarter, which was attributable to scheduled maintenance works at refineries in Bulgaria and Italy in the first quarter of 2018. 


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