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LUKoil reported first nine months production results showing strong performance its international operations
Russia's largest oil company, LUKoil, reported first nine months production results showing strong performance its international operations. The oil company said Wednesday that its crude oil production had increased 5.5% year-on-year for the first nine months of the year to 1.91 million barrels a day. LUKoil's international projects account for only 4% of total output. Though in the first nine months of the year they contributed 7% to total incremental growth, supporting the company's strategy of increasing its international presence, particularly in the Caspian region. The oil giant's gas production rose 18% year-on-year to 5.47 billion cubic meters during the first nine months, of which 1.84 billion cubic meters was natural gas, representing a 50.4% year-on-year increase. LUKoil's domestic refining increased 2.7% during the same period to 27.4 million metric tons and its international refineries increased their throughput by 35% to 76.1 million tons, which given the high refining margins prevailing in 2005 should provide an additional boost to the company's finances for the year.
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