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LUKoil Group cut oil production 3.1% year-on-year and increased natural
LUKoil Group cut oil production 3.1% year-on-year and increased natural gas output 19.5% in the first half of 2008, Russia's largest independent oil producer said in a statement on Friday.

LUKoil produced 47 million metric tons (345.45 million bbl) of oil in the reporting period, including 44.4 million metric tons (326.05 million bbl) in Russia and 2.65 million tons (19.48 million bbl) under international projects.

"The decrease in oil production in West Siberia due to a natural deterioration of mining and geological conditions was the main reason for the oil production drop in Russia," the company said in a press release.

The company exported 19.2 million metric tons of oil in January-June 2008, down 11.9% against the same period of last year.

Oil refining by LUKoil subsidiaries rose 8.0% to 27.2 million metric tons in the first six months of the year. The company's Russian subsidiaries, including small refineries, accounted for 21.8 million metric tons of refined oil, with 5.4 million metric tons of oil refined globally.

Production of light petroleum products (gasoline, jet fuel, diesel fuel) rose 8.4% year-on-year in January-June 2008.

Oil and oil product sales stood at 65.3 million metric tons in the first half of 2008, slightly below the same period of last year. However, the company boosted its retail sales of oil products 17.2% to 6.7 million metric tons.

LUKoil accounts for around 1.3% of global oil reserves and for some 2.3% of global oil output. Its share in Russian oil production and refining is 18% and 18%, respectively.


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