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Shah Deniz-2 one of major drivers in Lukoil’s oil output growth

Oil&Gas Materials 3 February 2020 16:33
Shah Deniz-2 one of major drivers in Lukoil’s oil output growth

Baku, Azerbaijan, Feb.3

By Leman Zeynalova – Trend:

The launch of the second phase for development of Azerbaijan’s Shah Deniz gas and condensate field in 2018 was one of the drivers of oil output growth by Russia’s Lukoil company in 2019, Trend reports citing the company.

Lukoil’s report shows that oil production excluding the West Qurna-2 project in 2019 totaled 85.9 million tonnes, which is 0.3 percent higher year-on-year.

“Oil production growth was mainly driven by the launch of the second phase of Shah Deniz project in Azerbaijan in 2018, as well as by acquisition of a share in the Marine XII project in the Republic of Congo in September 2019. In the fourth quarter of 2019 oil production was practically unchanged quarter-on-quarter,” reads the report.

Lukoil said that in 2019 oil production at the V. Filanovsky field increased by 5 percent year-on-year. “In November 2019, the third stage of the field was launched.”

In 2019 oil production at the Yu. Korchagin field ramped up by 21 percent year-on-year owing to drilling program within the field's second development stage, according to the company.

“The development of the Yaregskoye field and Permian reservoir of the Usinskoye field, including the launch of new steam-generating facilities, led to increase of high viscosity oil production in 2019 by 15 percent year-on-year, to 4.9 million tonnes. The development of growth projects in West Siberia also continued. The aggregate oil and gas condensate production at the V. Vinogradov, Imilorskoye and Pyakyakhinskoye fields in 2019 increased by 17 percent year-on-year,” reads the report.

Lukoil has been operating in the oil and gas sector of Azerbaijan since 1994. The company has a 10 percent stake in the Shah Deniz and South Caucasus Pipeline projects. In addition, the company participates in Azerbaijan’s retail fuel market.

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Follow the author on Twitter: @Lyaman_Zeyn

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