Lukoil NEWS

According to the SEC classification, Russia’s Lukoil proved hydrocarbon reserves totaled 15.4 billion barrels of oil equivalent, 76% of which is comprised of liquids.The proved reserves replacement ratio, excluding the effect of changes in macroeconomic factors used for reserves estimate, totaled 93% in 2020. The company's proved hydrocarbon reserves life is 20 years.

More than 400 people have tested positive for the coronavirus at Kazakhstan's top-producing oil field, health officials said on Friday. The number of infections at the giant Tengiz oil field rose from 17 on Thursday to 401 by Friday, according to officials in the Atyrau region. Kazakh state company KazMunayGas, ExxonMobil and LukArco - a subsidiary of Russia's Lukoil - are stakeholders in this project.

Lukoil has announced an agreement with New Age M12 Holdings Limited. The company has acquired 25% interest in the Marine XII license in the Republic of Congo. President of PJSC Lukoil said, "Entering this project is in line with our M&A strategy. The project is characterized by explored reserves, substantial production growth potential, access to well-developed infrastructure and it also fits our technological expertise". This agreement is worth $800 million.

Vagit Alekperov, the President of Lukoil, has met the Iraqi Minister of Oil, at the St. Petersburg International Economic Forum. They discussed the development of West Qurna-2 project and agreed to consider the possibility of early commissioning of Block 10 of Eridu field. Both the parties also expressed their interest in gas processing and petrochemical projects in Iraq.

Lukoil subsidiary, Lukoil NizhegorodNefteorgSyntez has awarded $527 million worth of two EPC contracts for Kstovo Refinery in Russia. The contract is secured by Italian firm, Maire Tecnimont subsidiary, KT-Kinetics Technology. The scope of the contract covers EPC activities for the deployment of a diesel fuel hydrotreater unit, a hydrogen production unit, and some other units.

Lukoil has announced the commission of the third well at the second development stage of Vladimir Filanovsky field. Post the launch of the newly commissioned well, which is a bilateral horizontal oil producing well, the field's average daily production reached its plateau level. A total of eight wells is projected at the field's second development stage.

Russian oil major, Lukoil, has reported a jump of 75 percent in the first quarter net profit. The profits of the company rode on the back of recent surges in global crude rates to near four-year highs, pushing up revenue and margins. Lukoil said that its profit for the first quarter of 2018 stood at 109.1 billion roubles (€1.5 billion), up from R62.3 billion a year earlier.

Russian oil major, Lukoil, has reported a jump of 75 percent in the first quarter net profit. The profits of the company rode on the back of recent surges in global crude rates to near four-year highs, pushing up revenue and margins. Lukoil said that its profit for the first quarter of 2018 stood at 109.1 billion roubles (€1.5 billion), up from R62.3 billion a year earlier.

In a new deal signed between Lukoil and the Basra Oil Company for West Qurna-2 field shall provide for an oil production plateau of 800,000 bpd. The plan observes that the oil production of 480,000 bpd will be reached in 2020 and 800,000 bpd is expected in 2025.