Lukoil cuts hydrocarbon output 1.2% to 197.6 mln barrels in Q1
MOSCOW. May 28 (Interfax) - The Lukoil Group reduced hydrocarbon production (includes its share in the output of independent organizations) by 1.2% to 197.6 million barrels in Q1 2013, according to management commentary on Lukoil's financial report to US GAAP.
Daily hydrocarbon production edged down 0.1% to 2.196 million boe.
"In Q1 2013, our daily crude oil production decreased to 1.852 million barrels, or by 0.3%, compared to Q1 2012, and we produced (including the company's share in equity affiliates) 22.1 million tonnes, or 163.2 million barrels of crude oil, compared to 22.4 million tonnes (165.4 million barrels) in the same period of 2012," the report said.
Oil production in Western Siberia, which is responsible for over half of Lukoil's output, declined 2.2% to 12 million tonnes in Q1 2013. There was a 4.2% drop in production in the Timan-Pechora region to 3.8 million tonnes. However, the most significant percentage decrease in oil production was recorded overseas, where Lukoil extracted just 800,000 tonnes of oil, down 6%. Urals oil production grew 2.2% to 3.4 million tonnes, and output in the Volga climbed 19% to almost 1 million tonnes.
"Some decrease in oil production in Western Siberia was due to natural depletion of reserves and an increase in watercut. The increasing water cut was also a reason for the decline of the production from Yuzhnoye Khylchuyu oilfield in Timan-Pechora," Lukoil said.
"Nevertheless, as a result of the development the Yu. Korchagin field in the Caspian Sea and greenfields in Timan-Pechora, as well as of successful employment of a new technology and an increase in drilling footage in traditional regions, crude oil production was stabilized," the report said.
Production of gas available for sale, including Lukoil's share in equity affiliates, was practically unchanged in Q1 2013, at 5.27 billion cubic meters (bcm) of gas (31 million barrels of oil equivalent (boe)).
"Our major gas production field is the Nakhodkinskoe field, where we produced 2.056 bcm of natural gas in Q1 2013 (2.152 bcm in Q1 2012). This decrease was offset by the increased production in the other regions of Russia. Our international gas production decreased by 1.8%, mainly due to the decrease of our production from the Khauzak field by 52 million cubic meters, or by 5.6%, compared to Q1 2012. At the same time, from our Gissar field, we produced 247 million cubic meters of gas compared to 233 million cubic meters in Q1 2012. Both Khauzak and Gissar fields are located in Uzbekistan," Lukoil reported.
"In Q1 2013, the output of natural gas liquids at the Group gas processing plants in Western Siberia, Ural and Volga regions of Russia was 3.5 million boe, compared to 3.6 million boe in Q1 2012," the report said.
