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LUKOIL Overseas

Description

OAO LUKOIL, together with its subsidiaries, engages in the exploration, production, refining, marketing, and distribution of oil and gas in Russia and internationally. Its exploration and production activities are primarily located in Russia, Azerbaijan, Kazakhstan, Uzbekistan, the Middle East, South America, and northern and western Africa. The company also engages in refining, marketing, and trading of crude oil, natural gas, and refined products; and processing and trading of petrochemical products. In addition, it engages in power generation, banking, and finance businesses.

LUKOIL was formed in 1991, when three state-run, western Siberian companies, Langepasneftegaz, Urayneftegaz, and Kogalymneftegaz, merged. The initials of the three companies are preserved in the name Lukoil.

Production

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.

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.

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.

Reserves

LUKOIL's proved hydrocarbon reserves at 2019 year-end totaled 15.8 billion barrels of oil equivalent, 76% of which stood for liquids. The proved reserves replacement ratio for liquids, excluding the effect of changes in macroeconomic factors on evaluation, totaled 107% in 2019. The Company's proved hydrocarbon reserves life is 18 years.

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