LUKOIL Overseas: twofold increase of net profit
22/03/2013 11:01
LUKOIL Overseas: twofold increase of net profit
22/03/2013 11:01
Tashkent, Uzbekistan (UzDaily.com) -- The Board of Directors of LUKOIL Overseas has reviewed results of the Company’s operations in 2012. Production of marketable hydrocarbons showed a 13% increase compared to 2011, which was mainly reached due to the progress of gas production in Uzbekistan.
Production of marketable hydrocarbons (from all international upstream projects of LUKOIL except for the Tengiz) totalled 68.4 million boe, revenues were $3.2 billion (9% increase), EBITDA amounted to $2.3 billion (45% increase), net profit was $1.4 billion (almost twofold increase), a press release of LUKOIL Overseas reported.
Within the development project for the giant West Qurna-2 field in Iraq, the first phase of field infrastructure development was started in April 2012 (Mishrif Early Oil Phase): development drilling and construction of the key production facilities including the central processing facility, the gas turbine power plant, the export pipeline and the Tuba tank farm.
This phase covers achieving the production rate of 400 Kbbl of oil per day by the end of 2014, with a full pay-off period of 2-3 years. Production of the first oil from the project is expected in late 2013 – early 2014.
In Uzbekistan, the largest field of the Southwest Gissar Project, Dzharkuduk – Yangi Kyzylcha reached its target production rate (1 bcm of natural gas per year). The gas production target at the Khauzak-Shady field was substantially exceeded due to application of production stimulation techniques. Drilling operations and facility construction in the Kandym block of fields are in progress.
In the Junin-6 project in Venezuela (LUKOIL takes part in the project as a member of the Russian National Petroleum Consortium), production of early oil in the volume of 50 Kboe per day started in September 2012.
Exploration success was mainly achieved through follow-up exploration of the production acreages. Particularly the Company discovered two fields: Emry Deep in the Meleiha block (Egypt) and Shurdarye in the Southwest Gissar block (Uzbekistan).
LUKOIL Overseas celebrated its 15-th anniversary on 4 December 2012.
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