Lukoil's Saleable Hydrocarbon Production Up 7.3% from Last Year

Lukoil Group (subsidiary companies and Lukoil's share in output by affiliated companies) said that its total hydrocarbon production available for sale reached 2.24 million boe per day in the first quarter of 2007, up 7.3% year-on-year.

The group's crude oil output totaled 2,005,000 bpd* (up 6.5% y-o-y), or 24.431 million tons. Lukoil subsidiary companies produced 23.755 million tons of crude, up 7.4% y-o-y.

The average flow rate per oil well at Lukoil fields in Russia increased from 11.15 to 11.25 tons per day.

The natural and associated gas output of Lukoil Group available for sale was 3.58 bcm, which is 14.1% more than in the first quarter of 2006. Natural gas output available for sale was 2.54 bcm, up 16.6% y-o-y.

Lukoil refined 13.18 million tons of crude at the company's owned and third-party refineries, which is the same as in the first quarter of 2006. Throughputs at the company's own refineries grew by 0.6% y-o-y, to 12.13 million tons. Throughputs at Lukoil's own refineries in Russia increased by 5.5% y-o-y whereas throughputs at own foreign refineries decreased. The decrease of throughputs at the foreign refineries was due to a planned upgrade of the Burgas refinery and optimization of seasonal capacity utilization of the Ploiesti refinery.