BAKU, Azerbaijan, Nov. 12
By Fakhri Vakilov - Trend:
In nine months of 2019, the average daily production of hydrocarbons by the Russian LUKOIL Group, excluding the West Qurna-2 project (Iraq), amounted to 2.3 million barrels of oil per day, which is 1.6 percent more compared to the nine months of 2018, Trend reports citing to LUKOIL’s report.
“One of the main reasons for the growth of hydrocarbon production is the development of gas projects in Uzbekistan,” the statement said.
LUKOIL Group gas production for the nine months of 2019 amounted to 25.6 billion cubic meters, which is 4 percent more compared to the nine months of 2018. The main factor in the growth of gas production was the development of projects in Uzbekistan too.
Thanks to the launch in April 2018 of the second stage of the gas processing complex at the Kandym project, gas production in Uzbekistan for nine months of 2019 increased to 10.3 billion cubic meters (in LUKOIL Group’s share), which is 9 percent more than in the nine months of 2018, read the message.
Gas production under LUKOIL's projects in Uzbekistan exceeds 16 billion cubic meters per year.
LUKOIL is investing $2 billion in existing projects in Uzbekistan, and also intends to conduct exploration on new blocks.
LUKOIL conducts business in Uzbekistan under production sharing agreements concluded regarding the Kandym-Khauzak-Shady and Gissar projects. The strategic partner of the company in these projects is Uzbekistan’s Uzbekneftegaz JSC oil and gas company.
LUKOIL is one of the largest public vertically integrated oil and gas companies in the world, which accounts for more than 2 percent of world oil production and about 1 percent of proven hydrocarbon reserves.
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