Hydrocarbon production was reduced due to the OPEC+ agreement
In the first quarter of 2021 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,152 thousand boe per day, which is 4.2% higher quarter-on-quarter. The growth 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. Hydrocarbon production was 7.6% lower year-on-year due to the OPEC+ agreement.
Oil production excluding the West Qurna-2 project was 18.8 million tonnes in the first quarter of 2021, which is 2.4% higher quarter-on-quarter and 11.2% lower year-on-year in average daily terms. Oil production dynamics was driven by the OPEC+ agreement concluded in April 2020, which led to limitations on oil production by the Group in Russia and at certain international projects.
In the first quarter of 2021, gas production increased in average daily terms by 9.2% quarter-on-quarter and by 5.6% year-on-year, to 8.8 billion cubic meters.
In the first quarter of 2021 refinery throughput at LUKOIL Group's refineries was 14.4 million tonnes, which is 9.9% higher quarter-on-quarter, and 15.5% lower year-on-year. The dynamics of refinery throughput volumes was attributable to scheduled maintenance works and throughput optimization at some of the refineries driven by the changes in macro environment.
PJSC LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world in terms of proved hydrocarbon reserves and production; and the second largest producer of crude oil in Russia. Established in 1991, the Company currently operates in more than 30 countries with core upstream assets located in Russia. The full production cycle includes oil and gas exploration, production and refining; production of petrochemicals and lubricants; power generation; marketing and distribution providing LUKOIL with maximum synergies from its activities. The Company’s shares are listed in Russia on Moscow Exchange under the ticker “LKOH” and depositary receipts are listed on the London Stock Exchange under the ticker “LKOD”.