Lukoil, the second-largest oil producer in Russia, reported that its upstream production fell in the second quarter as a result of the coordinated output cut under the OPEC+ agreement. The company’s oil production stood at 18.82 million tons (1.52 million bpd) during the quarter, falling by 11.6% year-on-year and 12% quarter-on-quarter. For the first half of 2020, Lukoil’s crude production was 40.2 million tons (1.62 million bpd), 5.6% lower than a year earlier.
Lukoil’s gas production fell 23.6% year-on-year or 24% quarter-on-quarter to 6.396 Bcm in the second quarter of 2020. Gas output for the first half of this year totalled 14.8 Bcm, down 14.7% year-on-year. Hydrocarbon output averaged 1.98 million boepd during the quarter, decreasing by 14.8% from a year earlier, and 15% from the prior quarter. For the January-June period, hydrocarbon production declined by 8.4% to an average of 2.155 million boepd.
Lukoil’s refining throughput was down by 19.6% year-on-year or 20.8% quarter-on-quarter to 13.525 million tons. For the first half, refining decreased by 8.6% to 30.6 million tons.
