BAKU, Azerbaijan, Mar. 10
By Klavdiya Romakayeva - Trend:
Growth in gas production by LUKOIL in the 4Q2020 is driven by the recovery of gas production in Uzbekistan, Trend reports referring to the press service of LUKOIL.
According to LUKOIL, one of the consequences of COVID-19 pandemic for LUKOIL's operating performance in 2020 was a decrease in gas production in Uzbekistan due to a temporary decrease in demand for Uzbek gas from China.
However, hydrocarbon production by LUKOIL Group, excluding the West Qurna-2 project, in 4Q2020 amounted to 2,065 barrels of oil equivalent per day, which is 9.5 percent higher compared to the 3Q2020.
It is noted that the growth was due to the dynamics of external restrictions on oil production associated with the OPEC + agreement, as well as the restoration of gas production in Uzbekistan.
In addition, the average daily production of hydrocarbons in 2020 amounted to 2,064 barrels of oil equivalent per day, which is 12.2 percent lower compared to 2019.
LUKOIL reports that the reduction in production is associated with the OPEC + agreement and a temporary decrease in the volume of gas supplies from Uzbekistan to China, which were the result of the negative impact of the COVID-19 pandemic on the demand for hydrocarbons.
At the same time, gas production in 4Q2020 increased by 37.8 percent compared to 3Q2020, to 8.2 billion cubic meters due to the recovery of gas production in Uzbekistan.
As a result, gas production in 2020 amounted to 29 billion cubic meters, which is 17.2 percent lower compared to 2019. Thus, a temporary reduction in demand for gas produced in Uzbekistan from China amid the COVID-19 pandemic lead to the decline is gas production in 2020.
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