Liquid hydrocarbons represent approximately 80% of our overall production volumes. LUKOIL operates in six countries and accounts for approximately 2% of global oil production.
In 2017 the Company produced 87.4 million tonnes of crude oil with 81.9 million tonnes of crude oil in Russia, accounting for 14.9% of Russia’s total production( as reported by CDU TEK).
The
Company’s 2017 oil production and its dynamics in Russia was defined by the
external limitations driven by the agreement between Russia and OPEC. The
active development of highly-productive V. Filanovsky and Pyakyakhinskoye
fields launched in 2016 was continued. Ramped up the production of high-viscosity
oil at the Yaregskoye and the Usinskoye fields in TimanPechora, and tight oil
at the V. Vinogradov and the Imilorskoye fields. As a result, the share of new
highly-productive fields in the Company’s total production in Russia almost
doubled during the year.
Oil
production was launched at 12 new fields, primarily in the Timan-Pechora and
Volga regions during 2017.
Gas production increased by 15.8% year-on year to 28.9 billion cubic meters in 2017 due to the development of projects in Uzbekistan and the launch of gas production at the Pyakyakhinskoye field in the Bolshekhetskaya Depression in the north of West Siberia.
The overall gas production in Russia increased by 10.2% to 18.2 billion cubic meters in 2017, due in part to gas production start-up at the Pyakyakhinskoye field in early 2017, with a total 3.2 billion cubic meters of gas produced throughout the year.
International projects provided 37.0% of the Company’s total gas production, with those in Uzbekistan constituting the largest part. Gas production increased by 26.8% to 10.7 billion cubic meters due to the launch of new facilities in Uzbekistan. Production increase in Uzbekistan by 43.9% (LUKOIL production share) was made possible by the Gissar project ramp-up to the design capacity and launch of the Kandym GPC Phase 1.
