LUKOIL reports preliminary operating data for Q3 and 9M’2018
For the first nine months of 2018 LUKOIL Group's average hydrocarbon production excluding West Qurna-2 project was 2,301 thousand boe per day, which is 3.7% higher year-on-year. The increase was mainly driven by the development of gas projects in Uzbekistan.
In the third quarter of 2018 production increased by 1.7% quarter-on-quarter and averaged 2,327 thousand boe per day mainly driven by higher oil production in Russia.
Oil production excluding West Qurna-2 project for the first nine months of 2018 was 63.8 million tonnes, including 21.7 million tonnes produced in the third quarter, which is 1.6% higher quarter-on-quarter in average daily terms. The Company has rapidly ramped up production in Russia since the change of external production limitations on July 1, 2018.
LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting for more than 2% of the world's oil production and around 1% of the proved hydrocarbon reserves. Main activities of the Company are exploration and production of oil & gas, production of petroleum products and petrochemicals, and marketing of these outputs.