Lukoil Named the Volume of Investments in Exploration and Production in 2022
Lukoil’s investments in exploration and production of hydrocarbons in 2022 amounted to more than 400 billion rubles, follows from the presentation of the company’s vice president Ilya Mandrik at the conference “Hard-to-recover reserves – the present and the future.”
The materials report that the company invested more than 400 billion rubles in exploration and production last year. In total, Lukoil produced 101.6 million tons of reference fuel in 2022. Production of liquid hydrocarbons amounted to 81 million tons.
The current recoverable hydrocarbon reserves are 3.999 billion tons of standard fuel. Liquid hydrocarbons – 2.7 billion tons, and natural gas – 1.298 billion cubic meters.
According to the annual report, Lukoil discovered 4 new fields and 48 deposits last year. In 2022, the company’s hydrocarbon production replacement ratio for reserves growth was 144%. The group’s proved hydrocarbon reserves according to the SEC classification at the end of 2022 are 15.1 billion barrels of oil equivalent, of which 76% are liquid hydrocarbons and 24% are gas.
Lukoil noted in its reporting that the success of exploration drilling due to the use of advanced geological exploration methods was 76% in 2022, while in Russia the figure was 84%.
Lukoil is one of the largest publicly traded vertically integrated oil and gas companies in the world, accounting for about 2% of world oil production and about 1% of proven hydrocarbon reserves.
