ANNUAL REPORT 2005 - Lukoil

More documents

Recommendations

Info

The second most significant Company achievement was commissioning in April 2005 of the Nakhodkinskoye gas field. This event marked activation of LUKOIL's gas program and the start of Company transformation from an oil company into an oil & gas company. As part of its strategy for becoming a global energy company, LUKOIL acquired Nelson Resources Limited in 2005. Nelson Resources is realizing projects in Kazakhstan and the share of LUKOIL in the company's production projects as of December 2005 was 152,000 tonnes, which represents 33% of Group production in its current international projects. EXPLORATION & PRODUCTION The joint venture Naryanmarneftegaz was set up in 2005 as part of LUKOIL's strategic partnership with ConocoPhillips. The venture has begun development of hydrocarbon reserves in the promising Timan-Pechora oil & gas province in the north of the European part of Russia. The ConocoPhillips interest in the joint venture is 30%. LUKOIL and ConocoPhillips manage Naryanmarneftegaz on a parity basis. Two companies, Arcticneft and RITEK-Vnedreniye, were withdrawn from LUKOIL Group in 2005 as part of optimization of the Exploration & Production asset portfolio. LUKOIL also exited the Zykh- Govsany project in Azerbaijan due to economic inefficiency associated with a high level of reserve exhaustion and the need for major spending on environmental protection. In order to maximize efficiency in the Exploration & Production segment LUKOIL continued to make active use of modern technologies in 2005: enhanced recovery methods; systems for maintenance of strata pressure; utilization of associated gas; systems for collection, preparation and transportation of oil; energy- and resource-saving technologies; and information technologies. LUKOIL continued to establish a multi-level system for monitoring of field development in 2005, using geological and technological models with constant application. Use of such models helps to determine the best technological solutions and to increase efficiency of geological work. 19
ANNUAL REPORT, 2005 GEOLOGICAL EXPLORATION, OIL & GAS RESERVES Geological Exploration The main task of LUKOIL's geological exploration work is to replace production with new commercial reserves and to rapidly prepare resources in promising regions for exploitation. The Company places special emphasis on use of the latest technologies in its geological exploration work, enabling considerable efficiency improvements. Exploration Drilling, thousand meters 2D Seismic Survey, km 3D Seismic Survey, km 2 200 20,000 6,000 5,686 150 146 118 131 15,000 14,597 4,000 100 10,000 9,752 9,787 2,429 2,153 2,000 50 5,000 0 2003 2004 2005 0 2003 2004 2005 0 2003 2004 2005 Most of the Company's exploration drilling in 2005 was concentrated in the Timan-Pechora oil & gas province, Western Siberia and the Caspian Sea. Total exploration drilling in 2005 was 131,000 meters. The Company is continuously increasing volumes of 2D and 3D seismic surveying in order to discover and reveal details of new structures, and to prepare drilling of prospecting and exploration wells at promising sites. The quality of seismic work and the speed of data processing and interpretation have improved in recent years mainly thanks to use of new information technologies. In 2005 LUKOIL carried out 9,787 km of 2D seismic and 5,686 km 2 of 3D seismic. Vertical seismic profiling was carried out at 40 wells. Geoelectrics, km 3,000 2,488 2,381 Exploration Costs, $ million 500 426 400 Hydrocarbon Reserves Extensions and Discoveries, International Classification, million boe 800 640 676 2,000 300 259 309 600 430 1,000 1,033 200 400 100 200 0 2003 2004 2005 0 2003 2004 2005 0 2003 2004 2005 20
Page 1 and 2: ANNUAL REPORT 2005
Page 3 and 4: ANNUAL REPORT, 2005 ADDRESS TO SHAR
Page 5 and 6: ANNUAL REPORT, 2005 LUKOIL signific
Page 7 and 8: LUKOIL IS ONE OF THE MAJOR INTERNAT
Page 9 and 10: The Company buys 15 filling station
Page 11 and 12: August The first stage of a coke ca
Page 13 and 14: LUKOIL completes eradication of the
Page 15 and 16: 289 filling stations and 132 diesel
Page 17: ANNUAL REPORT, 2005 LUKOIL is reali
Page 21 and 22: ANNUAL REPORT, 2005 Russia Total ex
Page 23 and 24: ANNUAL REPORT, 2005 Western Siberia
Page 25 and 26: ANNUAL REPORT, 2005 In 2005 LUKOIL
Page 27 and 28: ANNUAL REPORT, 2005 Distribution of
Page 29 and 30: ANNUAL REPORT, 2005 LICENSING The C
Page 31 and 32: ANNUAL REPORT, 2005 increased by 1.
Page 33 and 34: ANNUAL REPORT, 2005 Creation of the
Page 35 and 36: ANNUAL REPORT, 2005 Gas Production
Page 37 and 38: KAZAKHSTAN Kumkol 50% LUKOIL INTERN
Page 39 and 40: ANNUAL REPORT, 2005 Main oil export
Page 41 and 42: 47.6 REFINING, PETROCHEMICALS AND M
Page 43 and 44: Russia Growth of export duties in 2
Page 45 and 46: The catalytic reforming unit was ov
Page 47 and 48: GAS PROCESSING The Company's gas-pr
Page 49 and 50: up to 200,000 tonnes of caustic sod
Page 51 and 52: LUKOIL bought share stakes in 2005,
Page 53 and 54: Trading with third parties LITASCO
Page 55 and 56: ANNUAL REPORT, 2005 Effect from EOR
Page 57 and 58: TRADE BALANCE OF LUKOIL SUBSIDIARIE
Page 59 and 60: ANNUAL REPORT, 2005 Work by LUKOIL
Page 61 and 62: ANNUAL REPORT, 2005 management of t
Page 63 and 64: ANNUAL REPORT, 2005 as investments
Page 65 and 66: ANNUAL REPORT, 2005 AA 1000 standar
Page 67 and 68: ANNUAL REPORT, 2005 took part in cr
Page 69 and 70:
CORPORATE GOVERNANCE The Company vi
Page 71 and 72:
THE MARKET FOR COMPANY SECURITIES R
Page 73 and 74:
than in the first quarter of the ye
Page 75 and 76:
Alexander Shokhin Independent Direc
Page 77 and 78:
Vagit Sharifov Vice-President, Head
Page 79 and 80:
The general meeting of shareholders
Page 81 and 82:
the Group's organizations and struc
Page 83 and 84:
ANNUAL REPORT, 2005 Projects of LUK
Page 85 and 86:
ANNUAL REPORT, 2005 Fields and lice
Page 87 and 88:
ANNUAL REPORT, 2005 erves were not
Page 89 and 90:
ANNUAL REPORT, 2005 The company's r
Page 91 and 92:
FINANCIAL ACCOUNTS MANAGEMENT'S DIS
Page 93 and 94:
FINANCIAL ACCOUNTS Strategic Partne
Page 95 and 96:
FINANCIAL ACCOUNTS The table below
Page 97 and 98:
FINANCIAL ACCOUNTS The mineral extr
Page 99 and 100:
FINANCIAL ACCOUNTS lack refining ca
Page 101 and 102:
FINANCIAL ACCOUNTS YEAR ENDED DECEM
Page 103 and 104:
FINANCIAL ACCOUNTS 2005 2004 Realiz
Page 105 and 106:
FINANCIAL ACCOUNTS Operating expens
Page 107 and 108:
FINANCIAL ACCOUNTS Excise and expor
Page 109 and 110:
FINANCIAL ACCOUNTS YEAR ENDED DECEM
Page 111 and 112:
FINANCIAL ACCOUNTS Sales revenue Sa
Page 113 and 114:
FINANCIAL ACCOUNTS Wholesale of ref
Page 115 and 116:
FINANCIAL ACCOUNTS The increase in
Page 117 and 118:
FINANCIAL ACCOUNTS Analysis of capi
Page 119 and 120:
FINANCIAL ACCOUNTS GUARANTEES, OFF-
Page 121 and 122:
FINANCIAL ACCOUNTS ing filed by the
Page 123 and 124:
FINANCIAL ACCOUNTS CRITICAL ACCOUNT
Page 125 and 126:
FINANCIAL ACCOUNTS CONSOLIDATED FIN
Page 127 and 128:
FINANCIAL ACCOUNTS OAO LUKOIL Conso
Page 129 and 130:
FINANCIAL ACCOUNTS OAO LUKOIL Conso
Page 131 and 132:
FINANCIAL ACCOUNTS OAO LUKOIL Notes
Page 133 and 134:
FINANCIAL ACCOUNTS Property, plant
Page 135 and 136:
FINANCIAL ACCOUNTS found a sufficie
Page 137 and 138:
FINANCIAL ACCOUNTS Investments in "
Page 139 and 140:
FINANCIAL ACCOUNTS members of the G
Page 141 and 142:
FINANCIAL ACCOUNTS Russian ruble bo
Page 143 and 144:
FINANCIAL ACCOUNTS The following ta
Page 145 and 146:
FINANCIAL ACCOUNTS The real returns
Page 147 and 148:
FINANCIAL ACCOUNTS The Company's ne
Page 149 and 150:
FINANCIAL ACCOUNTS In January 2005,
Page 151 and 152:
FINANCIAL ACCOUNTS Environmental li
Page 153 and 154:
FINANCIAL ACCOUNTS NOTE 22. COMPENS
Page 155 and 156:
FINANCIAL ACCOUNTS Geographical seg
Page 157 and 158:
FINANCIAL ACCOUNTS OAO LUKOIL Suppl
Page 159 and 160:
FINANCIAL ACCOUNTS III. Results of
Page 161 and 162:
FINANCIAL ACCOUNTS Estimated net pr
Page 163 and 164:
FINANCIAL ACCOUNTS develop and prod
Page 165 and 166:
FINANCIAL ACCOUNTS Group's share in
Page 167 and 168:
FINANCIAL ACCOUNTS and the Governme
Page 169 and 170:
FINANCIAL ACCOUNTS A corporate hold
Page 171:
ANNUAL REPORT, 2005 REFERENCE INFOR
show all

ANNUAL REPORT 2005 - Lukoil

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?