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LUKOIL Oil Co. ADR (LUKOY)

- OTCPK - Current
  • Aug. 19, 2014, 12:40 PM
    • Iraq is moving ahead with an ambitious increase in production at its prolific southern oil fields despite a surge of violence in the country.
    • Russia's Lukoil (OTCPK:LUKOY, OTC:LUKOF) says it had shipped 1M barrels of oil produced from southern Iraq's giant West Qurna-2 oilfield, its first shipment from the field; output at West Qurna-2 field has reached 280K bbl/day from 120K bbl/day when it first started pumping from the field in March.
    • Iraq's oil ministry also says crude has started to flow through a new pipeline connecting the Halfaya and Missan fields to the southern port of Faw, expanding export capacity, while crude also has started to flow from the Badra Field, which is operated by the Gazprom (OTCPK:OGZPY), to a storage facility in Basra.
    • Iraq's oil production hit 3.6M barrels in February, its highest level in 35 years, but has since fluctuated because of logistical constraints and political turmoil.
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  • Aug. 14, 2014, 7:57 AM
    • Russia's Lukoil (OTCPK:LUKOY, OTC:LUKOF) warns in its quarterly report of a possible decline in sales abroad due to Russia's negative public image.
    • Lukoil itself isn't under sanctions the West introduced against Russian officials and corporations, but it says "a negative perception of Russian Federation's public image in the majority of the company's countries of operations... may lead to a short-term decline in retail sales" by association.
    • Rosneft reportedly is asking the Russian government for $42B to make up for sanctions.
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  • Jul. 31, 2014, 6:51 AM
    • Lukoil (OTCPK:LUKOY) has agreed to sell 240 filling stations and six petroleum storage facilities in Ukraine to Austria's AMIC Energy Management as a strategy aimed at "optimizing its asset structure".
    | 1 Comment
  • Jul. 23, 2014, 7:53 AM
    • EU foreign ministers failed to impose any tough sanctions against Russia during a meeting of the bloc's foreign ministers yesterday, NYT reports.
    • Dependent on Russia's energy and wary of confrontation, Europe’s leaders have largely decided they will have to live with a newly assertive Russia.
    • The Netherlands lost at least 193 victims in the Malaysian Airlines crash over Ukraine, but Royal Dutch Shell (RDS.A, RDS.B) is one of the largest foreign investors in Russian gas fields in Siberia; if Shell loses money, the pensions of Dutch teachers, civil servants and many others suffer.
    • Significant Russian companies include Gazprom (OTCPK:OGZPY), Lukoil (OTCPK:LUKOY) and Yandex (NASDAQ:YNDX), while BP has a 20% stake in Russian energy company Rosneft (OTC:RNFTF).
    | 23 Comments
  • Jun. 18, 2014, 8:53 AM
    • Russia's Lukoil (LUKOY, LUKOF) is in talks with Hess (HES) to buy a stake in the Deepwater Tano/Cape Three Points offshore project in Ghana, Reuters reports, as part of its strategy to look beyond a closed Russian market.
    • The project is 90% owned by Hess, with the rest held by Ghana's state-owned oil company; Hess started pre-development studies on the block after finishing drilling its seventh well last year.
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  • May. 29, 2014, 11:49 AM
    • Lukoil (LUKOY, LUKOF) says its Q1 net earnings fell by a third to $1.73B, down from $2.59B in the year-ago period, despite rising oil production due to a write-off and ruble depreciation.
    • Russia's largest private oil producer says results were hit by a $358M loss on the $1.2B disposal of a 50% stake in Caspian Investment Resources to China's Sinopec.
    • Lukoil also reported a $270M loss from currency transactions, as the ruble lost more than 10% in the quarter following the crisis in Ukraine.
    • Revenue rose to $35.7B in Q1 from $33.8B in the year-ago period.
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  • May. 25, 2014, 6:38 AM
    • BP (BP) has signed an agreement with Rosneft to explore for hard-to-recover shale oil in the Volga-Urals region of central Russia despite Western sanctions against Rosneft (RNFTF) CEO Igor Sechin because of the tensions in Ukraine.
    • BP will hold 49% in a joint venture and the Russian company the rest.
    • The deal was announced at the St Petersburg International Economic forum, where Total (TOT) CEO Christophe de Margerie also finalized an agreement with Lukoil to explore for unconventional oil.
    • Other major energy bosses to attend the event included Shell's (RDS.A) Ben van Beurden and Eni's (E) Claudio Descalzi, as well as senior ExxonMobil (XOM) executive Neil Duffin.
    | 18 Comments
  • May. 23, 2014, 7:56 AM
    • Total (TOT) and Russia's Lukoil (LUKOY, LUKOF) agree to set up a joint venture to tap tight oil reserves in Siberia, developing fields with ~500M barrels of reserves.
    • TOT says seismic acquisition will start in 2014 and exploration drilling will follow in 2015.
    • TOT has said the biggest share of its oil and gas output likely would come from Russia by 2020 and plans to stay there for the long haul despite tensions with the West over Ukraine.
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  • Apr. 15, 2014, 8:09 AM
    • Sinopec (SNP) agrees to acquire assets in Kazakhstan from no. 2 Russian oil producer Lukoil (LUKOY, LUKOF) for ~$1.2B, which will give it additional hydrocarbon production of 10.2M boe.
    • The purchase highlights the push by China to secure diverse energy assets abroad to meet rising demand at home.
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  • Apr. 4, 2014, 12:26 PM
    • Exxon (XOM), Chevron (CVX), Shell (RDS.A, RDS.B) and other Caspian Pipeline Consortium shareholders will meet this month to review the timing of a planned expansion as BG Group (BRGYY, BRGXF) expects it to be delayed into 2016.
    • The partners, which also include Rosneft (RNFTF), Lukoil (LUKOY) and the Russian and Kazakh governments, plan to double capacity to 1.4M bbl/day; the consortium had said the link, which runs from northwest Kazakhstan to the Black Sea, would reach full capacity this year.
    | 1 Comment
  • Mar. 31, 2014, 7:56 AM
    • Russia's Lukoil (LUKOY, LUKOF) finally launches commercial production from the giant West Qurna 2 oilfield in Iraq in a move expected to lift the country’s output to record levels of ~4M bbl/day this year.
    • Production from one of the world’s largest untapped oilfields, with recoverable reserves estimated at ~14B barrels, is set to rise to 400K bbl/day by year-end from an initial rate of 120K.
    • The launch of the field after lengthy delays also will allow Lukoil, which holds a 75% stake as operator, to more than double its overseas output.
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  • Mar. 30, 2014, 3:30 AM
    • Total (TOT) and Lukoil (LUKFY) are reportedly in talks about jointly developing the Bazhenov shale-rock oil deposit in Siberia, which could be the largest such reserve in the world.
    • The talks started before the Ukraine crisis, but their continuation shows how some oil deals involving Russia continue to percolate despite the geo-political tensions and the imposition of limited sanctions on the country.
    • However, a Russian invasion into other parts of Ukraine could put such deals in jeopardy, says James Henderson of the Oxford Institute of Energy Studies, as it would increase the perception of risk even if sanctions aren't strengthened.
    | 1 Comment
  • Mar. 27, 2014, 2:49 PM
    • Total (TOT) is in talks to partner with Lukoil (LUKOY, LUKOF) on its shale oil projects in Russia, FT reports, as Moscow targets unconventional resources to replace falling production at ageing fields in Siberia.
    • Lukoil’s potential partnership with TOT would mark a change of strategy for the Russians, which until now have opted to develop domestic assets alone.
    • The talks highlight the desire among some international companies to continue doing business in Russia despite the deteriorating political relations.
    | 1 Comment
  • Mar. 10, 2014, 11:59 AM
    • Iranian officials say foreign oil companies hoping to invest in Iran as sanctions are relaxed won't be able to count Iranian reserves among their assets under the draft terms of new contracts; the ability to book reserves has been a key demand from Western companies looking to enter Iran.
    • But overseas oil companies may be allowed to wholly own Iranian oil services companies as part of the country's privatization program, and Iran could sweeten some of its investment terms to attract to Western investors to its oil sector.
    • Iranian oil officials are said to have discussed potential joint ventures with Total (TOT), Eni (E), Statoil (STO), Gazprom (OGZPY) and Lukoil (LUKOY); Iran would like to enter TOT's Iraqi Kurdish acreage or its Asian liquefied natural gas terminals, or partner with Lukoil and Gazprom in China or Africa.
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  • Jan. 27, 2014, 1:54 PM
    • Output from the Chevron-led (CVX) consortium at Kazakhstan's huge Tengiz oil field rose to a record 27.1M metric tons last year from 24.2M in 2012.
    • CVX holds a 50% in the group, Exxon (XOM) owns 25%, Kazakh state oil company KazMunaiGas 20% and Lukoil (LUKOY, LUKOF) the remaining 5%.
    • Results from Tengiz are far more encouraging than the country's Kashagan field, the world's biggest oil find in decades, which was launched in September but halted in October after leaks were detected in a gas pipeline running from the deposit.
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  • Jan. 24, 2014, 3:29 PM
    • Mexico state oil company Pemex signs a co-operation agreement with Russian producer Lukoil (LUKOY, LUKOF) for exploration and production as the country is opening up its energy sector in a move to boost production.
    • Under Mexico's new law that ends the country's 75-year-old oil and gas monopoly, foreign companies will be able to enter the sector as Pemex is seeking to bring in expertise and boost efficiency.
    | 3 Comments
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Company Description
LUKOIL is one of the world's leading vertically integrated oil & gas companies. Main activities of the Company are exploration and production of oil & gas, production of petroleum products and petrochemicals, and marketing of these outputs. Most of the Company's exploration and production... More
Country: Russia