Lukoil Gas Output Up 24%
Russian independent Lukoil said its 1Q2018 net production, excluding Iraq’s West Qurna-2, reached 2.286mn barrels of oil equivalent per day, up 3.3% year on year spurred by new gas projects.
Whilst Lukoil’s oil and liquids output was flat, the company said May 16 that its gas production reached 8bn m3 in 1Q2018 which was up 24% year on year. Lukoil said the main driver of its gas production growth was successful development of projects in Uzbekistan where its 1Q2018 gas production at Kandym and Gissar projects doubled year-on-year to 2.9bn m3 thanks to the launch of new gas treatment facilities.
Gas production compared with 4Q2017 however was flat, as the Uzbek ramp-up began late 2016. The capacity of that first stage of the Kandym process plant project added 4.05bn m3/yr capacity, while the second stage taking capacity to 8.1bn m3/yr was completed in April 2018.
Update May 29: Lukoil released 1Q financial results May 28: net profit attributable to shareholders was rubles 109.1bn ($1.75bn), up from rubles 62.3bn in 1Q2017.