Lukoil Aims at 22% Gas Growth
Russia's largest privately-held oil company Lukoil plans to increase sales gas production by 22.2% to 22bn m³/yr by 2027, the company said in its strategy of balanced development March 23. It will be 1%/yr until 2020 and 2%/yr thereafter.
In Russia, Lukoil is developing gas deposits in Tyumen, Volgograd, Samara, Komi and the Perm region but its main centres of gas production are inwestern Siberia and the Caspian Sea. The group also has gas assets in Uzbekistan: the Kandym and Gissar plays.
Lukoil’s gross gas production rose by 15.8% to 28.8bn m3 in 2017 compared to 2016, Lukoil said recently without mentioning the sale gas volume. The new statistics at strategy of balanced development indicates that its sale gas stood at 17.116bn m3 last year. It produced 8bn m3 gross gas in Uzbekistan last year and plans 15bn m3/yr for 2022.
Associated petroleum gas use rose from 88% in 2013 to 95% in 2017. Lukoil expects to spend $2bn on its Stavrolen gas chemical complex. It can process 1bn m3/yr.
Lukoil also announced key strategic goals for 2018: it wants production growth of 1-2% (excluding West Qurna in Iraq). The company will launch the second phases of Korchagin and Filanovsky fields as part of its $8bn capital expenditure for 2018.