Lukoil 1st Half Production Falls Amid Coronavirus Pandemic, OPEC Deals
August 07 2020 - 06:56AM
Dow Jones News
By Joe Hoppe
Lukoil PJSC said Friday that average hydrocarbon production in
the first half of 2020 fell year-on-year, amid significant
production cuts in the second quarter due to OPEC agreements and
coronavirus-related disruption.
The Russian oil-and-gas company said total hydrocarbon
production in the first half--excluding the West Qurna-2
project--was 2.16 million barrels of oil equivalent a day, 8.4%
lower year-on-year.
The company attributed the fall in the second quarter, down at
1.98 million barrels a day, to the new Organization of the
Petroleum Exporting Countries agreement which limits oil production
in Russia, as well as a decrease in gas supply from Uzbekistan to
China, driven by the hit to hydrocarbon demand from the coronavirus
pandemic.
Total oil production for the first half, including compensation
oil from the West Qurnna-2 project, slipped slightly to 41.99
million metric tons, from 43.37 million a year prior. Gas
production slipped 14.7% year-on-year to 14.8 billion cubic meters,
due to lower demand from China.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
August 07, 2020 06:41 ET (10:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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