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LUKoil posts 3.4% rise in oil output, 12.4% drop in gas production

LUKoil posts 3.4% rise in oil output, 12.4% drop in gas production
LUKoil posts 3.4% rise in oil output, 12.4% drop in gas production - Sputnik International
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Russia's LUKoil posted on Monday a 3.4% rise in oil output year-on-year to 48.63 million metric tones and a 12.4% decline in natural gas production to 7.36 billion cubic meters.

MOSCOW, August 17 (RIA Novosti) - Russia's LUKoil posted on Monday a 3.4% rise in oil output year-on-year to 48.63 million metric tones and a 12.4% decline in natural gas production to 7.36 billion cubic meters.

Russia's largest privately owned oil producer said oil refining had increased 4% to 1.98 million barrels a day.

LUKoil, which accounts for around 1.3% of global oil reserves and some 2.3% of global oil output, earlier announced plans to boost its oil output 2.9% in 2009 to 98.2 million metric tons (1.97 million barrels a day).

In 2008, LUKoil's U.S. GAAP net profit fell 3.9% year-on-year to $9.14 billion. The company's oil output declined 1.5% year-on-year in 2008 to 95.24 million metric tons (1.9 million barrels per day), while gas production rose 22% in the reporting period to 17.02 billion cubic meters.

LUKoil's nominal majority shareholder with 63.3% of shares is Russia's ING Bank (Eurasia). U.S. oil major ConocoPhillips has a 20% stake. LUKoil President Vagit Alekperov directly and indirectly controls about 20% of the company's stock.

 

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