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Press Release

LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE FOURTH QUARTER AND TWELVE MONTHS OF 2018

In 2018 LUKOIL Group's average hydrocarbon production excluding West Qurna-2 project was 2,319 thousand boe per day, which is 3.8% higher year-on-year. In the fourth quarter of 2018 production increased by 1.9% quarter-on-quarter and averaged 2,371 thousand boe per day. The increase was mainly driven by the development of gas projects in Uzbekistan.

 Hydrocarbon production, thousand boe per day

4Q 20183Q 2018 12M 201812M 2017
2,3712,327Total (excluding West Qurna-2 project)2,3192,235

Oil production excluding West Qurna-2 project in 2018 remained unchanged year-on-year and amounted to 85.6 million tonnes. In the fourth quarter of 2018 production was 21.8 million tonnes, which is 0.5% higher quarter-on-quarter.

 Oil production, thousand tonnes

4Q 20183Q 2018 12M 201812M  2017
21,83221,717Total (excluding West Qurna-2 project)85,61085,592
20,92220,865Russia82,04581,879
20,76320,706Subsidiaries81,41280,995
159159Share in affiliates633884
910852Outside of Russia3,5653,713
497457Subsidiaries1,9012,003
413395Share in affiliates1,6641,710
276469Compensation oil from West Qurna-2 project1,5141,822
22,10822,186Total 87,12487,414

Active development of the priority projects continued. In the fourth quarter of 2018 the fifth well was launched at the second development stage of the V. Filanovsky field. In 2018 oil production at the field increased by 32% year-on-year, to 6.1 million tonnes.

In the fourth quarter of 2018 oil production at the Yu. Korchagin field increased by 15% quarter-on-quarter as a result of the second production well launch at the field's second development stage.

The development of the Yaregskoe field and Permian reservoir of the Usinskoe field, including the launch of new steam-generating capacities, allowed to increase high viscosity oil production in 2018 by 25% year-on-year, to 4.3 million tonnes.

Oil and gas condensate production at the Pyakyakhinskoe field in West Siberia increased in 2018 by 4% year-on-year, to 1.6 million tonnes.

The share of the abovementioned five projects in the LUKOIL Group's oil production excluding West Qurna-2 project amounted to 15% in 2018, 3 percentage points up year-on-year.

 Gas production, million cubic meters

4Q 20183Q 2018 12M 201812M 2017
8,9058,512Total33,54328,861
4,4054,447Russia17,80418,176
4,3854,423Subsidiaries17,71218,080
2024Share in affiliates9296
4,5004,065Outside of Russia15,73910,685
4,3413,919Subsidiaries15,0969,885
159146Share in affiliates643800

In 2018 LUKOIL Group's gas production was 33.5 billion cubic meters, which is 16% higher year-on-year. In the fourth quarter of 2018 gas production was 8.9 billion cubic meters, 5% up quarter-on-quarter.

The main driver of gas production growth was the development of projects in Uzbekistan. As a result of the launch of new gas treatment facilities, the Group's share in production at Kandym and Gissar projects in 2018 increased to 13.4 billion cubic meters (LUKOIL's share) which is 67% higher year-on-year.

 Refinery throughput, thousand tonnes

4Q    20183Q    2018 12M  201812M  2017
17,00217,467Total for LUKOIL Group refineries67,31667,240
10,92710,939Russia43,18943,107
6,0756,528Outside of Russia24,12724,133
5,5445,837Oil processing21,27021,970
531691Refined products processing2,8572,163
1,6341,622Third party refineries abroad6,5476,547

In 2018 refinery throughput at LUKOIL Group's refineries was 67.3 million tonnes, which is almost flat year-on-year.

In the fourth quarter of 2018 the Group's refinery throughput was 17.0 million tonnes, 2.7% lower quarter-on-quarter, mainly due to the maintenance works at ISAB refinery in Italy in the fourth quarter of 2018.

  • Press release in PDF

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