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Press Release


In the fourth quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,388 thousand boe per day, which is 3.4% higher quarter-on-quarter. As a result, in 2019 production was 2,350 thousand boe per day which is 1.4% higher year-on-year. The increase was mainly driven by the development of gas projects in Uzbekistan.

Hydrocarbon production, thousand boe per day

4Q    20193Q    2019 12M    201912M    2018
2,3882,308Total (excluding the West Qurna-2 project)2,3502,319

Oil production excluding the West Qurna-2 project in 2019 totaled 85.9 million tonnes, which is 0.3% higher year-on-year. Oil production growth was mainly driven by the launch of the second phase of Shakh Deniz project in Azerbaijan in 2018, as well as by acquisition of a share in the Marine XII project in the Republic of Congo in September 2019. In the fourth quarter of 2019 oil production was practically unchanged quarter-on-quarter.

Oil production, thousand tonnes

4Q    20193Q    2019 12M    201912M    2018
21,63821,640Total (excluding the West Qurna-2 project)85,87685,610
152152Share in affiliates610633
1,061936Outside of Russia3,8083,565
441402Share in affiliates1,6941,664
424417Compensation oil from the West Qurna-2 project1,6161,514
22,06222,057Total 87,49287,124

Active development of the priority projects was on track. In 2019 oil production at the V. Filanovsky field increased by 5% year-on-year. In November 2019, the third stage of the field was launched.

In 2019 oil production at the Yu. Korchagin field ramped up by 21% year-on-year owing to drilling program within the field's second development stage.

The development of the Yaregskoye field and Permian reservoir of the Usinskoye field, including the launch of new steam-generating facilities, led to increase of high viscosity oil production in 2019 by 15% year-on-year, to 4.9 million tonnes.

The development of growth projects in West Siberia also continued. The aggregate oil and gas condensate production at the V. Vinogradov, Imilorskoye and Pyakyakhinskoye fields in 2019 increased by 17% 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 2019 compared to the 16% in 2018.

Gas production, million cubic meters

4Q    20193Q    2019 12M    201912M    2018
2222Share in affiliates8892
4,8173,936Outside of Russia17,24915,739
168149Share in affiliates641643

In 2019, LUKOIL Group's gas production was 35.0 billion cubic meters, which is 4.5% 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 in 2018, production in Uzbekistan in 2019 increased by 7% year-on-year, to 14.1 billion cubic meters (LUKOIL's share).

Refinery throughput, thousand tonnes

4Q    20193Q    2019 12M    201912M    2018
17,00918,246Total for LUKOIL Group refineries68,74667,316
6,1816,636Outside of Russia24,59224,127
5,6876,208Oil processing22,67321,270
494428Refined products processing1,9192,857
1,7631,742Third party refineries abroad6,7366,547

In 2019, refinery throughput at LUKOIL Group's refineries was 68.7 million tonnes, which is 2.1% higher year-on-year. In the fourth quarter of 2019 refinery throughput was 6.8% lower quarter-on-quarter.

Refinery throughput in Russia increased by 2.2% year-on-year, to 44.2 million tonnes. The increase was mainly due to higher utilization rate of the Nizhny Novgorod refinery. A 6.7% quarter-on-quarter decrease in refinery throughput in the fourth quarter of 2019 was due to scheduled maintenance works at the Volgograd and Nizhny Novgorod refineries.

Refinery throughput in Europe increased by 1.9% year-on-year, to 24.6 million tonnes. The growth was driven by the maintenance works at the refinery in Bulgaria in the first quarter of 2018. A 6.9% quarter-on-quarter decrease in refinery throughput in the fourth quarter of 2019 was driven by scheduled maintenance works at the refinery in Italy.


LUKOIL will release its Condensed Interim Consolidated Financial Statements prepared in accordance with IFRS and MD&A for the fourth quarter and twelve months of 2019 on March 10, 2019.

The information in this press release is an estimate of the LUKOIL Group's results for the fourth quarter and twelve months 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 fourth quarter and twelve months 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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