Lukoil Overseas reports production increase
Increase was partly due to the start-up of the West Qurna-2 field in Iraq
Oil production from Lukoil Overseas hit a new record in 2014, totaling 112 mn barrels of oil equivalent (boe), Lukoil said on Monday.
Lukoil's foreign upstream subsidiary produced a total of 9.6mn tonnes of crude last year - 2.4 times higher compared to its 2013 levels.
The increase was due to the start-up of the West Qurna-2 field in Iraq, the company said. An additional 6.8bn cubic meters (bcm) of gas were also produced.
The rise in production from Lukoil Overseas boosted its share in the company's total oil production from 4.4% in 2013 to 10% in 2014, and its share in total hydrocarbon production from 9.5% to 13.3%.
"The most significant events of 2014 were the commissioning of the West Qurna-2 field and the beginning of investment recovery for the project via compensation oil exports (more than 30mn barrels shipped by the end of the year)," Lukoil said in a statement.
"The field produced 11mn tonnes of oil in 2014 (6.1mn tonnes for LUKOIL's share), which exceeded the plan by 6%."
It added that major gas projects in Uzbekistan continued, with annual production totalling 4 bcm of gas and over 100,000 tonnes of liquid hydrocarbons.