LUKOIL reports preliminary operating data for Q2 and six months of 2021
For the six months of 2021 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,109 thousand boe per day, which is 2.1% lower year-on-year, while in the second quarter of 2021 hydrocarbon production increased by 4.2% year-on-year. The production dynamics was attributable to the dynamics of the external limitations on oil production due to the OPEC+ agreement. Hydrocarbon production was 4.0% lower quarter-on-quarter due to the dynamics of gas production in Uzbekistan, LUKOIL said in a media release.
Hydrocarbon production, thousand boe per day
For the six months of 2021 oil production excluding the West Qurna-2 project was 38.2 million tonnes, which is 4.3% lower year-on-year in average daily terms, while in the second quarter of 2021 oil production was 19.5 million tonnes, which is 2.5% higher quarter-on-quarter in average daily terms. Oil production dynamics was driven by the OPEC+ agreement concluded in April 2020, which led to limitations on oil production by the Group in Russia and at certain international projects. Due to the agreement, oil production by the Group in Russia was cut in May 2020 by approximately 310 thousand barrels per day, or by 19%, as compared to the level of the first quarter of 2020, and has been gradually recovering subsequently. As a result, in the second quarter of 2021 oil production by the Group in Russia was approximately 170 thousand barrels per day higher compared to May 2020 level.
