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Press Release


{ 2/7/2022 3:03:49 PM }

​​In 2021 LUKOIL Group's hydrocarbon production excluding the West Qurna-2 project was 2,161 thousand boe per day, which is 4.7% higher year-on-year, while in the fourth quarter of 2021 hydrocarbon production increased by 7.6% quarter-on-quarter. The production growth was attributable to the dynamics of the external limitations on oil production due to the OPEC+ agreement, as well as higher gas production volumes.

Hydrocarbon production, thousand boe per day

4Q    20213Q    2021 12M    202112M    2020
2,2952,132Total (excluding the West Qurna-2 project)2,1612,064

In 2021 oil production excluding the West Qurna-2 project was 79.3 million tonnes, which is 3.0% higher year-on-year in average daily terms, while in the fourth quarter of 2021 oil production increased by 5.3% quarter-on-quarter and amounted to 21.1 million tonnes. Oil production dynamics was driven by the OPEC+ agreement concluded in April 2020, which led to limitations on oil production by the Group in Russia and at certain international projects. Due to the agreement, oil production by the Group in Russia was cut in May 2020 by approximately 310 thousand barrels per day, or by 19%, as compared to the level of the first quarter of 2020, and has been gradually recovering subsequently. As a result, in the fourth quarter of 2021 oil production by the Group in Russia was approximately 270 thousand barrels per day higher compared to May 2020 level.

Oil production, thousand tonnes

4Q    20213Q    2021 12M    202112M    2020
21,06220,003Total (excluding the West Qurna-2 project)79,31377,206
120104Share in affiliates503519
942699Outside of Russia3,3803,747
382269Share in affiliates1,3281,491
488271Share in the West Qurna-2 project1,8282,843
21,55020,274Total 81,14180,049

Despite the external limitations on crude oil production volumes, development of the priority projects continued. In particular, in West Siberia total oil and gas condensate production in 2021 at the V. Vinogradov, Imilorskoye, Sredne-Nazymskoye and Pyakyakhinskoye fields increased by 8.1% year-on-year, to 4.5 million tonnes.

Gas production, million cubic meters

4Q    20213Q    2021 12M    202112M    2020
3028Share in affiliates135115
4,6663,780Outside of Russia16,05411,427
177123Share in affiliates598619

In 2021, gas production increased in average daily terms by 11.2% year-on-year to 32.2 billion cubic meters. The growth was driven by recovery of gas production in Uzbekistan after temporary decline in 2020 due to lower demand from China for gas produced in Uzbekistan amid the COVID-19 pandemic.

In the fourth quarter of 2021, gas production increased by 12.7% quarter-on-quarter and amounted to 8.6 billion cubic meters. The increase was mainly attributable to seasonal growth of demand for gas, as well as higher associated petroleum gas production following an increase in oil production.

Refinery throughput, thousand tonnes

4Q    2021​3Q    2021 12M    202112M    2020
15,47817,299Total for LUKOIL Group refineries62,95958,608
4,5586,029Outside of Russia20,34318,499
4,2235,396Oil processing18,33116,888
335633Refined products processing2,0121,611
32Third party refineries abroad6146

In 2021, refinery throughput at LUKOIL Group's refineries was 63.0 million tonnes, which is 7.4% higher year-on-year. The increase in refinery throughput volumes both in and outside Russia was attributable to higher refineries utilization rates due to better market environment in 2021, as well as scheduled maintenance works in 2020. In the fourth quarter of 2021 refinery throughput was 15.5 million tonnes, which is 10.5% lower quarter-on-quarter due to scheduled maintenance works at the refineries outside Russia, as well as seasonal throughput optimization in Russia.


  • Press release in PDF

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