Russia’s LUKOIL reduces oil output
Baku, Azerbaijan, March 2
By Leman Zeynalova – Trend:
Russia’s LUKOIL oil company has reduced the oil production by 8.6 percent in 2016 as compared to 2015, to 91.992 million tons, said the message posted on the company’s website.
However, the company’s output has increased by 0.7 percent in the fourth quarter of 2016 to 22.69 million tons as compared to the third quarter of the same year.
The LUKOIL Group marketable gas production for the fourth quarter of 2016 increased to 5.1 billion cubic meters, or by 8.3 percent compared to the third quarter 2016.
Gas production for the twelve months of 2016 remained practically unchanged year-on-year at 20.3 billion cubic meters.
Production volume was positively influenced by development of projects in Kazakhstan, Azerbaijan and Uzbekistan.
LUKOIL is one of the major international oil and gas companies that accounts for more than 2 percent of the world's oil production and around 1 percent of the proven hydrocarbon reserves.
Russia accounts for 88 percent of hydrocarbon reserves and 83 percent of hydrocarbon production, with the main activities concentrated in four federal districts, including the Northwestern, Volga, Urals and Southern Federal Districts.
Follow the author on Twitter: @Lyaman_Zeyn