LUKOY PJSC Lukoil (CE)

By Adriano Marchese

LukOil PJSC said Friday that average hydrocarbon production rose in the first quarter from the fourth quarter of 2020, but fell on year owing to limitations arising from the OPEC+ agreement.

The Russian oil-and-gas company said average hydrocarbon production, excluding the West Qurna-2 project, came in at 2.2 million barrels of oil equivalent a day in the first quarter, up 4.2% from the previous quarter.

The company said the quarter-on-quarter growth in output was attributable to the dynamics of the external limitations on oil production due to the OPEC+ agreement, as well as to the recovery of gas production in Uzbekistan.

However, on a year-on-year basis, the company said hydrocarbon production fell by 7.6% due to the agreement. In the first quarter of 2020, the company produced an average of 2.3 million barrels a day.

"Due to the agreement, oil production by the group in Russia was cut in May 2020 by approximately 310 thousand barrels per day, or by 19%, as compared to the level of the first quarter of 2020, and has been gradually recovering subsequently," LukOil said.

In the first quarter, oil production excluding the West Qurna-2 project, was 18.8 million metric tons, 2.4% higher than the previous quarter, but 11% lower than the prior-year period.

The company said gas production increased in average daily terms by 9.2% quarter-on-quarter and by 5.6% year-on-year, to 8.8 billion cubic meters.

In the quarter, refineries had a throughput of 14.4 million tons, 9.9% higher quarter-on-quarter and 16% lower year-on-year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 14, 2021 08:44 ET (12:44 GMT)

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