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Press Release


{ 2/15/2018 12:00:00 AM }

​​The LUKOIL Group's hydrocarbon production excluding West Qurna-2 project in the fourth quarter of 2017 increased by 2.9% quarter-on-quarter to 2,284 thousand boe per day. The increase was driven by the development of gas projects.

In 2017 production increased by 2.4% year-on-year to 2,234 thousand boe per day.


Hydrocarbon production, thousand boe per day

4Q 20173Q 2017 12M 201712M 2016
2,2842,219Total (excluding West-Qurna 2 project)2,2342,181

 In 2017 oil production excluding West Qurna-2 project was 85.6 million tonnes, including 21.5 million tonnes produced in the fourth quarter of 2017. 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 fourth quarter of 2017 oil production at V. Filanovsky field increased 21.2% quarter-on-quarter and reached 4.6 million tonnes for the full year, outperforming the planned annual level by 170 thousand tonnes. Production growth was driven by the launch of three production and two injection wells during the year. Production drilling at the second stage of the field development started in December, 2017.

Active development of high viscosity oil projects continued in Timan-Pechora. Production at Yaregskoe field and Permian reservoir of Usinskoe field increased by 11.5% and 9.3% quarter-on-quarter respectively.

Successful development of Pyakyakhinskoe field led to an increase in crude oil and gas condensate production to 1.5 million tonnes for 2017.


Oil production, thousand tonnes

4Q 20173Q 2017 12M 201712M 2016
21,47621,412Total (excluding West-Qurna 2 project)85,59186,928
165201Share in affiliates884971
951874Outside of Russia3,7123,751
427410Share in affiliates1,7111,714
396539Compensation oil from West Qurna-2 project1,8225,064

 In the fourth quarter of 2017 the LUKOIL Group's gas production increased by 12.5% quarter-on-quarter to 8.2 billion cubic meters. As a result, in 2017 production increased by 15.7% year-on-year to 28.8 billion cubic meters.

LUKOIL had achieved significant progress in Uzbekistan gas projects development. In the fourth quarter of 2017 production at Kandym and Gissar projects increased by 30.7% quarter-on-quarter to 2.8 billion cubic meters. The growth was driven by the launch of new gas treatment facilities.

Gas production growth in Russia was mainly attributable to the launch of gas facilities at Pyakyakhinskoe field in January, 2017.

Gas production, million cubic meters

4Q 20173Q 2017 12M 201712M 2016
2523Share in affiliates9689
3,5852,638Outside of Russia10,6588,426
199193Share in affiliates800772

Refinery throughput at the LUKOIL Group's refineries in the fourth quarter of 2017 was practically flat quarter-on-quarter and amounted to 17.3 million tonnes. Refinery throughput in 2017 increased by 1.8% year-on-year to 67.2 million tonnes.

Growth of refinery throughput in Russia in the fourth quarter of 2017 was mainly due to scheduled maintenance works at Nizhny Novgorod refinery in the third quarter of 2017. Quarterly dynamics of refinery throughput at European refineries was attributable to scheduled maintenance works at Zeeland refinery in the fourth quarter of 2017.

In 2017 refinery throughput in Russia increased by 3.2% year-on-year, which was mainly due to Volgograd refinery upgrade, as well as scheduled maintenance works at  Nizhny Novgorod and Volgograd refineries in 2016.

Refinery throughput at refineries, thousand tonnes

4Q 20173Q 2017 12M 201712M 2016
17,29417,356Total for LUKOIL Group refineries67,24066,061
6,1506,346Outside of Russia24,13324,309
5,6695,823Oil processing21,97020,356
481​523Refined products processing2,1633,953
1,8031,670Third party refineries abroad6,547744


LUKOIL will release its Audited Consolidated Financial Statements prepared in accordance with IFRS and related MD&A for the fourth quarter and full-year 2017 on March 21, 2018.

The information in this press release is an estimate of the LUKOIL Group's results in the fourth quarter and full-year 2017 and therefore constitutes forward-looking statements. This information is preliminary and based on information available at the date of this document, and may be revised after statistical, financial, tax and accounting statements become available. The information on the LUKOIL Group's operational results in this press release are subject to many external factors which may cause the actual results to differ materially from those expressed or forecasted in this press release for the fourth quarter and full-year 2017. The LUKOIL Group assumes no obligation to update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise, except to the extent required by applicable law.

This document does not constitute or form part of an invitation or inducement to engage in investment activity with, or any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of, the LUKOIL Group, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of, or any investment in, the LUKOIL Group.

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