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Press Release


In the first quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,379 thousand boe per day, which is 4.1% higher year-on-year and 0.3% higher quarter-on-quarter. The increase was mainly driven by the development of gas projects in Uzbekistan.

 Hydrocarbon production, thousand boe per day

1Q    20194Q    2018 1Q    20191Q    2018
2,3792,371Total (excluding the West Qurna-2 project)2,3792,286

Oil production excluding the West Qurna-2 project in the first quarter of 2019 was   21.2 million tonnes, which is 1.5% higher year-on-year and 0.5% lower quarter-on-quarter in average daily terms. LUKOIL Group's oil production volumes and dynamics are mainly defined by the external limitations of Russian companies' production volumes.

Oil production, thousand tonnes

1Q    20194Q    2018 1Q    20191Q    2018
21,24421,832Total (excluding the West Qurna-2 project)21,24420,926
151159Share in affiliates151158
916910Outside of Russia916921
432413Share in affiliates432431
390276Compensation oil from the West Qurna-2 project390451
21,63422,108Total 21,63421,377

Active development of the priority projects continued. In particular, in the first quarter of 2019 oil production at the V. Filanovsky field increased by 18% year-on-year. The seventh well was commissioned at the second production platform of the field.

In the first quarter of 2019 oil production at the Yu. Korchagin field increased by 27% year-on-year as a result of drilling program 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 increasing high viscosity oil production in the first quarter of 2019 by 16% year-on-year, to 1.2 million tonnes.

The development of growth projects in West Siberia also continued. Overall oil and gas condensate production at the V. Vinogradov, Imilorskoe and Pyakyakhinskoe fields increased in the first quarter of 2019 by 14% year-on-year.

The share of the abovementioned projects in the LUKOIL Group's oil production excluding the West Qurna-2 project amounted to 18% in the first quarter of 2019 compared to 15% in the first quarter of 2018.

Gas production, million cubic meters

1Q    20194Q    2018 1Q    20191Q    2018
2120Share in affiliates2123
4,5694,500Outside of Russia4,5693,503
163159Share in affiliates163160

In the first quarter of 2019, LUKOIL Group's gas production was 9.0 billion cubic meters, which is 12% higher year-on-year. The main driver of gas production growth was the development of projects in Uzbekistan. As a result of the launch of the second stage of the Kandym gas processing plant, production in Uzbekistan in the first quarter of 2019 increased to 3.8 billion cubic meters (LUKOIL's share) which is 33% higher year-on-year.

Refinery throughput, thousand tonnes

1Q    20194Q    2018 1Q    20191Q    2018
16,66817,002Total for LUKOIL Group refineries16,66816,113
5,7016,075Outside of Russia5,7015,458
5,2245,544Oil processing5,2244,549
477531Refined products processing477909
1,5881,634Third party refineries abroad1,5881,660

In the first quarter of 2019 refinery throughput at LUKOIL Group's refineries was    16.7 million tonnes, which in average daily terms is 0.2% higher quarter-on-quarter and 3.4% higher year-on-year.

Refinery throughput in Russia increased to 11.0 million tonnes, which in average daily terms is 2.6% higher quarter-on-quarter and 2.9% higher year-on-year. The increase was due to higher utilization rate of the Nizhny Novgorod refinery.

Lower quarter-on-quarter refinery throughput in Europe was driven by feedstock supply disruptions through the port of Novorossiysk due to weather conditions. Higher year-on-year refinery throughput in Europe was driven by the maintenance works at the refineries in Bulgaria and Italy in the first quarter of 2018.


LUKOIL will release its Condensed Interim Consolidated Financial Statements prepared in accordance with IFRS and MD&A for the first quarter of 2019 on May 29, 2019.

The information in this press release is an estimate of the LUKOIL Group's results for the first quarter of 2019 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 first quarter of 2019. 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.

  • Press release in PDF

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