Lukoil’s Hydrocarbon Production Grew by Seven Percent in 2022
Lukoil’s hydrocarbon production in 2022 increased by 7%, excluding the West Qurna 2 project, to 2.3 million barrels of oil equivalent per day, according to the company’s annual report.
“At the end of 2022, the group’s hydrocarbon production amounted to 2.3 million barrels of oil equivalent per day, of which 76% are liquid hydrocarbons, and 24% are natural and associated petroleum gas (APG). Production excluding the West Qurna-2 project increased by 7% compared to 2021,” the company writes.
It is noted that this is due to the dynamics of external restrictions on oil production associated with the OPEC + agreement, as well as the acquisition in 2022 of shares in producing assets in Russia, Azerbaijan and Mexico. Excluding acquisitions, production growth was 3.4% compared to 2021, Lukoil adds.
The replenishment ratio for Lukoil’s hydrocarbon production with an increase in reserves in 2022 amounted to 144%, according to the company’s annual report.
The group’s proved hydrocarbon reserves according to the SEC classification at the end of 2022 amounted to 15.1 billion barrels of oil equivalent, of which 76% are liquid hydrocarbons and 24% are gas.
“The coefficient of replacement of hydrocarbon production by an increase in proven reserves, excluding changes in macroeconomic parameters of the assessment, amounted to 144% in 2022,” the report says.
It is noted that the company’s provision with proven hydrocarbon reserves is 18 years.
The success of prospecting and exploratory drilling due to the use of advanced geological exploration methods was 76% in 2022, while in Russia the figure was 84%, specified in the materials. In total, four new deposits and 48 deposits were discovered across the group.
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.
