LUKOIL reports 12.2-pct fall of its average daily hydrocarbon production in 2020
LUKOIL says that its average hydrocarbon production in was 2,064 kboe per day, which is 12.2% lower year-on-year. Production was reduced due to the OPEC+ agreement and a temporary decrease in gas supply from Uzbekistan to China, that were driven by a negative impact of the COVID-19 pandemic on hydrocarbon demand.
Oil production excluding the West Qurna-2 project was 18.8 million tonnes in the fourth quarter of 2020, which is 2.8% higher quarter-on-quarter. As a result, in 2020 oil production totaled 77.2 million tonnes, which is 10.1% lower year-on-year.
In 2020, gas production was 29.0 billion cubic meters, which is 17.2% lower year-on-year. Production decline was due to temporary decline in demand from China for gas produced in Uzbekistan amid the COVID-19 pandemic.
