LUKoil produced 39.4m tons of oil in first half of 2002

The LUKoil Board of Directors' meeting held in Moscow today summed up theresults of the company's performance in the first half of this year, thepress service of LUKoil reported. According to the approved documents, inJanuary-June 2002 the oil output of the company's affiliates andsubsidiaries was 39.4m tons, including the company's participation in PSAprojects, an increase of 1.5 percent from the figure reported in the firsthalf of last year. 8m tons were extracted due to using up-to-date enhancedrecovery techniques. The company's share in the total Russian oilproduction amounted to 21%. Two fields, Tadin and Toboy, were commissionedin the reporting period. Unit costs of oil production for LUKoil's Russiansubsidiaries (excluding taxes and depreciation) decreased by 2.8% ascompared to the similar period of 2001 and reached RUR651.5 (around $20.68)per ton of oil produced. Gas production by the company's subsidiaries and affiliates reached 2.6bncubic meters, which is in line with last year's output. The company'shydrocarbon reserve growth was ahead of schedule. Over 6 months of 2002 thecompany added 38.6m tons of oil equivalent, including 20.2m tons of oil andgas condensate and 18.4bn cubic meters of gas. Costs of reserve growthdecreased by 10% to $0.53 per barrel as compared to the similar period of2001..

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