Northwest Russian production saved Lukoil
The launching of the Yuzhno-Khylchuyu oil field in the Nenets Autonomous Okrug kept Lukoil from oil production decline early in this year.
Russian oil extraction in January 2009 amounted to 41 million tons which is a 0,3 percent growth compared with December 2008, the Central Dispatcher Board of the fuel-energy complex (CDB) informs. That positive dynamics is a result of efforts by Lukoil and Tatneft. Their extraction increased respectively 1,4 percent and 3,8 percent in the period. The rest of the Russian oil companies either had no growth or a decline in production.
According to experts’ opinion, the relatively good Lukoil results are caused by extraction at the Yuzhno-Khylchuyu field in the Nenets Autonomous Okrug, newspaper Expert reports. The launching of the field took place last summer. Northwest Russia is one of the main oil-producing regions of Lukoil’s Vagit Alekperov. No wonder therefore that the company’s committee of directors has an oil production of 7,5 million tons at Yuzhno-Khylchuyu as one of its main goals for 2009.
The new activities in the Nenets AO now compensate for the company’s production decline in Western Siberia.
The Yuzhno-Khilchuyu field holds an estimated of 500 million barrels of oil. It is operated by Naryanmarneftegaz, a joint venture of Lukoil (70%) and ConocoPhillips (30%).
