LUKOIL Announces 1Q 2020 IFRS Financial Results
PJSC “LUKOIL” released its condensed interim consolidated financial statements for the three-month period ended March 31, 2020 prepared in accordance with International Financial Reporting Standards (IFRS). Financial Highlights 1Q 2020 4Q 2019 1Q 2020 1Q 2019 (RUB bln) 1,666.0 1,912.4 Sales 1,666.0 1,850.9 150.8 278.2 EBITDA 150.8 298.1 109.2 211.8 Exploration and production …
LUKOIL Installs Accommodation Platform Jacket at V.I. Grayfer Field
LUKOIL completed installation of a jacket for an accommodation platform topside at the V.I. Grayfer field in the Caspian Sea. The offshore operations involved 110 workers and nine vessels. The facility was brought to the offshore installation site via the Volga-Caspian Shipping Canal. After the floatover and grounding, the substructures …
LUKOIL Reports Preliminary Operating Data for the First Quarter of 2020
In the first quarter of 2020 LUKOIL Group’s average daily hydrocarbon production excluding the West Qurna-2 project totaled 2,328 thousand boe per day, which is 2.1% lower year-on-year and 2.5% lower quarter-on-quarter. The decline in production was driven by lower gas supply to China from projects in Uzbekistan due to …
LUKOIL Signed Memorandum on Production of Sulzer Oilfield Service Equipment in Kogalym
LUKOIL has signed a trilateral memorandum with Sulzer Ltd. and Kogalym Oilfield Equipment Service LLC (KNPO), which involves establishing a service company to maintain, repair and upgrade LUKOIL’s rotating equipment including compressors, pumps, etc. in the West Siberian region. The memorandum envisages the localization of spare parts production for energy-efficient …
LUKOIL in the Common Fight Against Coronavirus
LUKOIL Uzbekistan Operating Company took a whole range of measures for the safety of all its employees, and also transferred funds to charity organizations as part of the fight against COVID-19. Coronavirus shocked the world, becoming a key theme of all the news feeds. Viral infection looms the number 1 …
LUKOIL Commissions Komandirshorskaya Group of Fields in Nenets District
LUKOIL started test production at three oil fields of the Komandirshorskaya Group – Komandirshorskoye, North Komandirshorskoye and West Komandirshorskoye – in the Nenets Autonomous District. The initial recoverable reserves of the three fields are estimated at 11 million tons. The production commenced at all the three geological structures of the …
Russia’s LUKOIL Calls for Oil Producing States to Cooperate Over Virus Impact
Russia’s second-largest oil company Lukoil urged crude producing countries on Wednesday to continue cooperating to tackle the impact of the coronavirus on the energy market. Lukoil head Vagit Alekperov also told investors on a conference call that he expected a meeting this month of a panel of experts from OPEC …
OPEC’s Oil Cut Proposal Enough to Push Prices Back to $60/bbl -Russia’s LUKOIL
OPEC’s proposal to cut oil production by up to 1 million barrels per day would be enough to balance the market and lift oil prices back to $60 a barrel, Leonid Fedun, vice-president of Russia’s second-biggest oil producer Lukoil, told Reuters. Fedun’s comments suggest Russia may be willing to agree …
LUKOIL Board of Directors Summarizes Preliminary 2019 Results
LUKOIL Board of Directors held a meeting in Moscow today to summarize the Company’s preliminary 2019 results and set priorities for 2020 under the Strategic Development Program for 2018 – 2027. It was noted at the meeting that the Company successfully accomplished the second year’s goals within the ten-year strategy …
LUKOIL: How Data Mining Enhances Oilfield Development
Long-term field development plans dictate that a variety of well services are carried out in order to increase well productivity. Perforation jobs (perforation of previously unperforated intervals and reperforation) are one of these methods. Perforation is relatively low cost, and its effect can be predicted based on a small amount …