Lukoil reports reserves jumped 942 million boe last year

Jan. 14, 2002
OAO Lukoil has reported it increased reserves 942 million boe in 2001, mostly from discoveries in the Caspian Sea and Timan-Pechora province.

By the OGJ Online Staff

HOUSTON, Jan. 14 -- Vagit Alekperov, OAO Lukoil president, has reported his company increased its reserves 942 million boe in 2001.

Alekperov told the Lukoil board the additions mostly came in the Caspian Sea and Timan-Pechora province. The company opened ten oil and gas fields, including three highly productive oil fields in the Saratov region.

The Lukoil companies produced 78.3 million tonnes in 2001, or about 22% of Russia's overall oil output. That was up from 77.7 million in 2000 and included 2.2 million tonnes outside of Russia. Enhanced oil recovery projects yielded more than 14 million tonnes. Gas production was up nearly 4% at 5.2 billion cu m.

Lukoil's drilling activity increased 26% and included 850 development wells.

The company exported 33 million tonnes of oil in 2001, up from 28.4 million the year before. It processed 38 million tonnes at its own refineries, up from 32.2 million in 2000. Products exports were 10.7 million tonnes.

Lukoil said it produced more than 1.5 million tonnes of petrochemical products at its Russian and foreign plants in 2001, up from 1.1 million the year before. It processed more than 1 bcf of gas.

In 2001, capital expenditures were 92.6 billion rubles, up 44%. Most spending went for work in Timan-Pechora and the Caspian, the acquisition of OAO Norsi Oil, creation of infrastructure for oil and gas exploration and production, and expansion of exports.

Also, Lukoil launched a reinforced ice-breaking tanker and inaugurated a 1.5 million tonne/year oil terminal in the Kaliningrad region.