Lukoil Starts Drilling at Iraq’s West Qurna-2 Field
LUKOIL started production drilling and construction of a key production facility, namely a Central Processing Facility, at the West Qurna-2 field in Iraq today. Abdel Karim al-Luaibi, the Iraqi Oil Minister, and also the heads of the Basra province, Iraq’s South Oil Company, LUKOIL Overseas and of the major contractor …
Large Spill Reprted at the Trebs Oilfield
Up to 2,000 tons of oil have spilled from a major field in northern Russia after workers struggled to contain the leak for two days, officials said. The accident happened at the Trebs oil field in the Nenets Autonomous District on Friday following work on an exploratory well. The oil …
Lukoil Signs Contracks for West Qurna-2 Field Construction in Iraq
LUKOIL Mid-East Ltd (West Qurna-2 project operator) has signed several major contracts for the West Qurna-2 field infrastructure development in Iraq based on the tender results. The contract with Samsung Engineering (Korea) sets out 29 months to construct 5 well pads with 67 development wells, 5 gathering lines, a central …
Weatherford Continues Developing Cooperation With LUKOIL
In February 2012 Weatherford was awarded a tender of LUKOIL-Western Siberia for the delivery and service of multi-stage fracturing systems in 2012. The systems will be installed in wells located in the Kogalym, Langepas and Pokachev-Neftegaz fields. Last year, 68 well completions were successfully deployed by Weatherford specialists in LUKOIL’s …
Lukoil Net Income Excluding Non-Recurrent Write-Off Reached $11.3 Billion in 2011, Free Cash Flow Amounted to $7.2 Billion
LUKOIL has published consolidated US GAAP financial statements for 2011. The Company’s 2011 net income rose by 15.0% and reached $10,357 million. EBITDA (earnings before interest, taxation, depreciation and amortization) rose by 15.9% and reached $18,606 million in 2011. Sales revenues were $133,650 million (+27.3% y-o-y). The positive dynamics of …
LUKOIL group proved hydrocarbon reserves by SEC standarts total 17,3 billion barrels of oil equivalent
OAO LUKOIL finished an evaluation and independent audit of its oil and gas reserves as they stand on December 31, 2011. The evaluation was performed in accordance with the US Securities and Exchange Commission (SEC) standards until the economic limit of commercial production is reached. The audit results by Miller …
The Board of Directors of OAO LUKOIL approved lists of candidates for election of the Board of Directors and the Audit Commission at the 2012 Annual General Shareholders Meeting.
The list of candidates is based on the nominees put forward by shareholders who own at least two percent of the voting shares. The following candidates were nominated to the Board of Directors: 1. Vagit Yu. Alekperov, President of OAO LUKOIL; 2. Igor V. Belikov, Director of the Russian Institute …
Lukoil Approves 48bn USD of Investment over the next 3 years and 14bn in 2012
The OAO LUKOIL Board of Directors held a meeting in Moscow today to approve the LUKOIL Group Strategic Development Program for 2012-2021. According to the Program, the key objective of the Company for the period is to reach the dynamics of sustainable production growth. The average annual growth rate of …
New technologies at Lukoil: The “Geyser” Hydraulic Rod Pump
Lukoil-Perm recently completed field testing, and put into action, the “Geyser” hydraulic rod well pump. The hydraulic drive consists of two basic parts: the frame with hydraulic power cylinder, which is installed directly at the wellhead, and the pumping station, which is mounted next to the well in a control …
Nalco and LUKOIL Form Energy Chemicals Joint Venture to Serve Western Siberia
Nalco announced today its Russian subsidiary has formed a joint venture with a subsidiary of Russia’s largest oil company, OAO LUKOIL, to provide energy chemicals and services in western Siberia. The joint venture, OOO Kogalym Chemicals Plant, will be based in Kogalym (West Siberia, Russia) and will provide LUKOIL production …