LukOil 1Q Hydrocarbon Production Rose From Previous Quarter, But Was Lower on Year
By Adriano Marchese
LukOil PJSC said Friday that average hydrocarbon production rose
in the first quarter from the fourth quarter of 2020, but fell on
year owing to limitations arising from the OPEC+ agreement.
The Russian oil-and-gas company said average hydrocarbon
production, excluding the West Qurna-2 project, came in at 2.2
million barrels of oil equivalent a day in the first quarter, up
4.2% from the previous quarter.
The company said the quarter-on-quarter growth in output was
attributable to the dynamics of the external limitations on oil
production due to the OPEC+ agreement, as well as to the recovery
of gas production in Uzbekistan.
However, on a year-on-year basis, the company said hydrocarbon
production fell by 7.6% due to the agreement. In the first quarter
of 2020, the company produced an average of 2.3 million barrels a
"Due to the agreement, oil production by the group in Russia was
cut in May 2020 by approximately 310 thousand barrels per day, or
by 19%, as compared to the level of the first quarter of 2020, and
has been gradually recovering subsequently," LukOil said.
In the first quarter, oil production excluding the West Qurna-2
project, was 18.8 million metric tons, 2.4% higher than the
previous quarter, but 11% lower than the prior-year period.
The company said gas production increased in average daily terms
by 9.2% quarter-on-quarter and by 5.6% year-on-year, to 8.8 billion
In the quarter, refineries had a throughput of 14.4 million
tons, 9.9% higher quarter-on-quarter and 16% lower
Write to Adriano Marchese at email@example.com
(END) Dow Jones Newswires
May 14, 2021 08:44 ET (12:44 GMT)
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