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LUKOIL reported as played by the Vienna agreement on production cuts

Fulfilling the terms of the Vienna agreement "OPEC+", LUKOIL has limited oil production, primarily in wells with low capacity. At the end of the term of the transaction, in which Russia participates actively, the company will be able without any additional costs to resume work in such fields.

15.Jun.17 11:56 AM
By Christina Orlina


LUKOIL reported as played by the Vienna agreement on production cuts
Member of the Board of Russia's largest private oil company said that production is suspended at the fields with hard to recover reserves. For example, "frozen" wells with water cut over 90% or those where for the extraction of the specific technologies: hydraulic fracturing, drilling of sidetracks, etc. in Other words, talking about the closure of entire fields is not. Stopped working on those sites and crafts that require enhanced oil recovery and other costly measures.

"We refused in the first place not from drilling, that gives the future of production in three to five years, and we refused to conduct short-term activities, that is reduced some capital costs slightly, - said Matytsin. In case of cancellation of restrictions, such activities can be conducted in this quarter, so in the other. For example, in January 2018, to take effect in April 2018.

Recall that the Vienna agreement of OPEC and a number of independent states, including Russia, were extended until 1 April next year. Russia agrees to cut oil production by 300 thousand barrels per day from October 2016 out of a total of 1.8 million b/d. At LUKOIL accounts for about 40 thousand b/d of Russia's declining production.

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