Lukoil signed a supplementary agreement with state-owned Basra Oil Co. to extend the oil service contract for West Qurna 2 field in Iraq by 10 years to 2045 and to double oil production to 800,000 b/d, Lukoil said in a release. The field development plan envisages bringing new multi-well pads …
Read More »Russian Oil Company Lukoil Snaps up Offshore Blocks in Congo
Russian oil company Lukoil has said it now has rights to two offshore energy blocks in the Republic of Congo in partnership with Italian oil giant Eni. The rights to the offshore blocks, known as Marine 24 and Marine 31, are now held by Lukoil with a 43% interest, Interfax …
Read More »Russia’s Lukoil Reaches Deal to Sell Italian Refinery
Russia’s Lukoil has sold its Italian refinery to a group of firms backed by a major trading house in its first significant asset sale since Moscow’s invasion of Ukraine, the companies said on Monday (9 January). Since its inception following the collapse of the Soviet Union, Lukoil had been one …
Read More »Lukoil, Gazprom Ranked among World’s Five Strongest Oil and Gas Brands
Lukoil ranked second with a brand strength score of 87.4 out of 100, while Gazprom was fifth with 85.9. Malaysia’s Petronas ranked first with 87.7, and the other companies in the top five were Brazil’s Petrobras and Thailand’s PTT. The relative strength of brands is determined through a balanced scorecard …
Read More »Russia’s Oil Industry is Suffering as the West Shuns its Crude
Russia’s oil industry—a vital source of budget revenues—is already showing signs of slowdown as Western buyers shun Russian oil while Moscow struggles to replace lost sales in the West with sales in emerging Asian markets. The war Putin started in Ukraine is hitting home: storage capacity is full, infrastructure and …
Read More »Major Oil Companies and Investors Pull Back from Russian Arctic Oil and Gas
Several major oil companies and investors have announced in recent days they are withdrawing from Russian resource development or not pursuing new projects with Russia, including in the Arctic, after Russia’s invasion of Ukraine. BP was the first to announce such plans. On Sunday, the company said that it was …
Read More »Lukoil Buys Shah Deniz Stake for $2.25B
Lukoil has concluded a deal for acquiring 15.5 percent interest in the Shah Deniz gas project in the Caspian Sea from Malaysian giant Petronas. Russian oil and gas company Lukoil has concluded a deal for acquiring 15.5 percent interest in the Shah Deniz gas project in the Azerbaijan part of …
Read More »Lukoil to Acquire Caspian Sea Interest from BP
PJSC Lukoil agreed to acquire a 25% participating interest in the Shallow Water Absheron Peninsula (SWAP) exploration project in the Azerbaijan sector of the Caspian Sea from bp. The SWAP project area, south of the Absheron peninsula, lies in water depths up to 40 m. In 2016, a 3D seismic …
Read More »Lukoil Plans to Ramp up Oil Output at West Qurna 2 Field to 480,000 b/d in 2022
Russia’s second-largest crude oil producer Lukoil hopes to increase oil output at the West Qurna 2 project in Iraq to 480,000 b/d next year, the company said during a conference call Aug. 27. Lukoil had previously considered quitting the project in the country due to the current investment climate, but …
Read More »Lukoil to Build Catalytic Cracking Complex at Perm Refinery
LUKOIL announces the start of a catalytic cracking complex construction project at the Perm refinery. The project is implemented under an agreement with the Ministry of Energy of the Russian Federation on providing an investment incentive as part of the negative excise tax on refinery feedstock until January 1, 2031. …
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