The Company is now at the peak of its investment cycle, investing in
new projects and prospective regions and laying a firm foundation for
hydrocarbon production growth going forward.
Western Siberia remains the
Group’s core hydrocarbon producing region with most of its oil fields highly
depleted. The prospects for production increase in the region depend on the
acquisition of new licenses and application of new technology. The development
of gas fields can be another driver of increased hydrocarbon production
→The Imilorsko-Istochny license area
license area consists of two deposits, specifically the Imilorskoye field plus
the Zapadno-Imilorskoye field, and the Istochnoye field. Leveraging the Group’s
developed infrastructure nearby, LUKOIL can exploit its considerable potential
at a shorter time and with reduced costs.
→Vinogradov field (low-permeability reservoirs)
is located within the boundaries of two license areas (Bolshoy and Olkhovsky).
Drilling operations intensified resulting in 51 wells drilled. LUKOIL
commissioned 32 production wells with an average production rate of 154 barrels
per day, including 17 horizontal wells and 15 directional. wells. The local
production of oil and condensate made 83.9 thousand tonnes in
→The Bolshekhetskaya Depression
LUKOIL Group’s gas output in
Russia is focused on the fields of the Bolshekhetskaya Depression with a target
production of 20 billion m3. LUKOIL plans to launch large-scale gas fields,
specifically the Pyakyakhinskoye field (scheduled for 2016), the
Yuzhno-Messoyakhskoye field (scheduled for 2018) and the Khalmerpayutinskoye
field (scheduled for 2019).
The Timan-Pechora oil and gas province has a great potential for
production growth, particularly associated with development of
Denisovskaya Depression and high-viscosity oil deposits. Mostly deposited at the
Yaregskoye and Usinskoye fields, heavy crude oil
accounts for 4.4% of
LUKOIL’s proved hydrocarbon reserves. The prospects for production increase in
the region also depend on the JV to develop Trebs and Titov
→ Denisovskaya Depression
The Denisovskaya Depression includes
the Vostochno-Lambeishorskoye field and the Bayandyskaya group of fields.
In 2014, LUKOIL Group reached its production target at the
Vostochno-Lambeyshorskoye field, up 76% (661 thousand tonnes) y-o-y, which was
the highest output across all of its Russian operations in 2014.
→ The Yaregskoye field (high-viscosity oil)
Yaregskoye field is the Company’s largest field with high-viscosity oil. Proved
oil reserves at the end of 2014 were 327 million barrels and extraction during
the year was 690 thousand tonnes.
→ Usinsk field (high-viscosity oil)
deposit at the Usinskoye field is typical of excessively high-viscosity oil. Its
development is based on thermal
recovery methods. Proved oil reserves
there at the end of 2014 were 566 million barrels and production was 2,067
→ Trebs and Titov fields
In 2011 LUKOIL and JSC Bashneft
created a joint venture to develop the Trebs and Titov oil fields. LUKOIL has
25.1% interest in the venture. The fields saw oil production of 828
thousand tonnes in 2014 (137.5 thousand tonnes attributable to LUKOIL Group).
Peak production is planned at 4.8 million tonnes per year.