Russia is one of the largest oil & gas producers in the world with largest reserves of these natural resources, like crude petroleum and natural gases. It produces around 12% of world’s total oil. PJSC Lukoil is the second largest oil and gas company in Russia after PJSC Gazprom. Headquartered in Moscow, PJSC LUKOIL is one of the largest publicly traded multinational oil and gas group, which was founded by Vagit Alekperov in 1991.
The main objective of the company is to serve the mankind by utilising natural resources and responsibly developing hydrocarbon fields alongwith company’s growth. PJSC Lukoil’s core activities are extraction, production, refining, transportation, and sale of petroleum products, natural gas. The company manufactures around 2% of the world’s oil production and around 1% of the proved hydrocarbon reserves. Lukoil serves customers in over 100 countries in Europe, Asia, Africa, and Americas. More than 100,000 employees work towards achieving its primary goals and efficient development of the company to secure its market leadership.
The LUKOIL has a retail network of 5,044 filling stations in 19 countries. LUKOIL has proved reserves in six countries, 52% of which are in the West Siberia. The company has a competitive advantage over its competitors as the majority of the proved reserves are conventional, which reduces the production cost per barrel. Also, the company’s reserve life is 18 years as compared to 12 years reserve life of its competitors.
Exploration and production of oil and gas are its core activities, which spread across 12 countries with main focus on Russia, Central Asia, and Middle East. In 2019, 76.26% of the total hydrocarbon production was contributed by liquid hydrocarbon and the remaining 23.74% was by gas. The company produced 87.48 million tonnes of which the highest production was in West Siberia Field contributing 42.29% of total oil production; Timan- Pechora field contributed 18.72%, Urals field 17.87%, Volga field 13.07%, international projects contributed 6.20% and others 1.86%. In 2019, Lukoil gas production was 35 billion cubic metres of which 50.78% was produced in Russia and 49.22% was produced internationally.
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