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Press Release

LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE FOURTH QUARTER AND TWELVE MONTHS OF 2016

{ 3/2/2017 12:00:00 AM }

The LUKOIL Group oil production for the fourth quarter and twelve months of 2016 was 22.7 and 92.0 million tonnes, respectively. Production for the fourth quarter excluding compensation crude oil from West Qurna-2 project in Iraq increased by 2.5% compared to the third quarter of 2016.

Oil production dynamics in Russia was positively impacted by launches of

V. Filanovsky and Pyakyakhinskoe fields in the second half of 2016, an increase in production drilling volumes in West Siberia, as well as growth in production volumes in Timan-Pechora and Ural regions.

Oil production dynamics outside of Russia was influenced by the divestment of our share in Caspian Investment Resources Ltd. in Kazakhstan in 2015, as well as a decrease in compensation crude oil volume from the West Qurna-2 project.

Oil production, thousand tonnes

4Q 2016 3Q 2016 20162015
22,10421,560​Total (excluding West-Qurna 2 project)86,928
89,963
21,14620,660Russia83 17785,612
20,88920,414​Subsidiaries82 20684,866
257246​Share in affiliates971746
958900Outside of Russia3,7514,351
504533​Subsidiaries2,0371,887
454367S​hare in affiliates1 7142,464
587967​Compensation oil from West Qurna-2 project5,06410,725
22,69122,527​Total91,992100,688

The LUKOIL Group marketable gas production for the fourth quarter of 2016 increased to 5.1 billion cubic meters, or by 8.3% compared to the third quarter 2016. Gas production for the twelve months of 2016 remained practically unchanged year-on-year at 20.3 billion cubic meters. Production volume was positively influenced by development of projects in Kazakhstan, Azerbaijan and Uzbekistan.

Marketable gas production, million cubic meters

4Q 2016​3Q 2016 20162015
5,1314,737Total20,31520,251
3 1442,985Russia12 73913,235
3 1252,969Subsidiaries12 67613,190
1916Share in affiliates6345
1,9871,752Outside of Russia7,5767,016
1,8471,637Subsidiaries7,0566,450
140115Share in affiliates520566

Refinery throughput at the LUKOIL Group refineries for the fourth quarter and twelve months of 2016 was 16.7 and 66.1 million tonnes, respectively. The year-on-year positive dynamics was mainly attributable to the increase in utilization rate at our refineries in Italy and Romania, while the volume of refinery throughput at our Russian refineries remained at 2015 level. The quarter-on-quarter dynamics was driven by planned maintenance works at our Volgograd refinery.

Refinery throughput at refineries, thousand tonnes

4Q 20163Q 2016 20162015
16,72217,119Total for LUKOIL Group refineries66,06164,489
10,72311,092Russia41,75241,855
5,9996,027Outside of Russia24,30922,634
5,4565,362Oil processing20,35618,832
543665Refined products processing3,9533,802
49980Third party refineries abroad744896

 

 

  • Press release in PDF

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