Lukoil expanding portfolio of international projects

After a bad 2011, the company set about expanding the portfolio of international projects. Lukoil Overseas, the operator of Lukoil's foreign projects — purchased from the Malaysian Petronas 6,6% in the joint venture to develop oil fields in the Uzbek part of the Aral Sea.

As specified by the experts in the Lukoil oil production last year fell by 5.5% — to 90.7 million tons. CAGR in international projects in 2006-2011 was 0.9%, according to the Russian became negative: -0.9%. On international projects, the company produced about 6 million tons of oil (4% y / y), Russian — 84.7 million tons (-6% y / y).

But natural gas production in overseas projects is growing rapidly. CAGR from 2006 was 42%, and today the company produces abroad over 5 billion cubic meters. m per year, compared with 1.2 billion cubic meters. m in 2006. Field in Uzbekistan, developed with the participation of companies — gas supplies, and taking into account the increased participation of Lukoil in Uzbek projects by 2015, gas production is to rise from 2.7 billion cubic meters. m to 15 billion cubic meters. m

In Uzbekistan, Lukoil develops complex 3 fields: Southwest Hissar (forecasted annual production — four billion cubic meters. Meters of gas and 0.3 million tons of oil), candidate-Khauzak-Shady-Kungrad (forecasted annual production — 11 billion cubic meters. Meters of gas ) and the Aral Sea (going exploration). Prior to increasing the share of the Aral project Lukoil participated in the project in equal shares of state-owned companies of Uzbekistan (Uzbekneftegas), Malaysia (Petronas), Korea (Korea National Oil Corporation) and China (CNPC). Following the transaction, the Russian Tax Code will own 26.6% and Petronas will decrease to 13.4%.
Among the Russian LUKOIL owns the largest portfolio of overseas assets. Most of the oil produced in these projects comes from Kazakhstan (92%), and gas — Uzbekistan (55%). [/ U]

The most promising direction in the area of foreign oil to Lukoil is the West Qurna-2, Lukoil's share in the project 57%. Recoverable reserves of the company's share of the Russian Federation — 61.9 million barrels, the planned production — 1012.5 thousand barrels a day by 2017. Extraction of natural gas will increase primarily due to deposits of Southwestern Hissar, where on December 30, Lukoil has extracted the first gas. The volume of investment in the development of this field — more than $ 1.2 billion, the planned level of gas — 4,000,000,000 cubic meters. m per year.

The state in which Lukoil leads projects are: Kazakhstan, Azerbaijan, Venezuela, Vietnam, Egypt, Ghana, Iraq, Colombia, Côte d'Ivoire, Romania, Saudi Arabia, Sierra Leone, Uzbekistan.

Just 2.2% of global oil production, № 1 among the world's largest private oil company worldwide by proven reserves of oil, № 3 of the world's largest private oil and gas companies in terms of oil, 17.8% of total Russian oil production and 18.2% of total Russian refining, the largest Russian oil business group with revenues in 2010, more than $ 100 billion and a net profit of more than $ 9 billion

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