ANNUAL REPORT 2005 - Lukoil

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Geological exploration led to discovery of five fields in 2005 (four oil and one oil & gas condensate) as well as 11 new oil deposits at previously discovered fields. Most of the growth of liquid hydrocarbon reserves due to geological exploration was achieved in the Nenets Autonomous District, in Western Siberia, the Caspian Sea and Perm Region. Significant oil reserves were also discovered as part of the Anaran project in Iran. The main growth of gas reserves was obtained at fields in the Bolshekhetsaya Depression (the Yamal-Nenets Autonomous District). EXPLORATION & PRODUCTION Commercial reserves under Russian classification discovered by LUKOIL in 2005 through geological exploration totalled 165.1 million tonnes of reference fuel. Increase/discovery of new proved reserves under international classification was 676 million boe (including 506 million barrels of oil and 1,020 billion cubic feet of gas). Increase of probable and possible reserves due to geological exploration work was 760 million boe, of which 600 barrels were oil. Spending by LUKOIL Group on geological exploration work in 2005 was $426 million. The Company lends special importance to efficiency improvements by use of modern technologies in geological exploration. Efficiency of geological exploration work in 2005 was 1,415 tonnes of reference fuel per meter drilled. That compares with efficiency of 385 tonnes per meter in 2001. The efficiency increase is mainly due to major exploration work, carried out to international technical standards in the Russian sector of the Caspian Sea. This work has led to discovery of a major new oil & gas subprovince in that region. Six large and highly productive oil & gas fields have been discovered here in 1999–2005: Khvalynskoye, Yu. Korchagin, Rakushechnoye, 170th kilometer, Sarmatskoye and V. Filanovsky. Increase of reserves at the Povkhovskoye field (one of the Company's biggest fields in Western Siberia) offers an example of successful application of modern geological exploration technologies. The geological structure and parameters of the Povkhovskoye field were ascertained using new modelling technologies based on 3D seismic data, additional core studies and an up-to-date system of geophysical well studies. Proved reserves at the field grew by 21% to 842 million barrels of oil. Exploration Drilling by Regions (2005) Urals 8.6% Volga 17.9% Bolshekhetskaya Depression 4.3% Other Russian 7.1% International 9.1% Efficiency of Geological Exploration (growth of reserves per meter drilled), tons of reference fuel per meter drilled 1,500 1,270 1,298 1,415 1,200 Timan- Pechora 19.6% Western Siberia 33.4% 900 2003 2004 2005 21
ANNUAL REPORT, 2005 Russia Total exploration drilling in Russia in 2005 was 119,000 meters, 2D seismic was 8,087 km and 3D seismic was 2,156 km 2 . Spending on geological exploration was $255 million. Main results from geological exploration work in Russia were obtained in Timan-Pechora, in the Northern Caspian and Western Siberia (including the Bolshekhetskaya Depression). Timan-Pechora The Timan-Pechora oil & gas province (the Nenets Autonomous District and the Komi Republic) is a new and promising oil production region both for the Company and for Russia. LUKOIL gave special importance to geological exploration work in Timan-Pechora in 2005, and exploration drilling there represented 19.6% of total exploration drilling by the Company. Geological exploration work in Timan-Pechora is carried out by LUKOIL-Sever and Naryanmarneftegaz (the joint venture between LUKOIL and ConocoPhillips). LUKOIL-Sever carried out geological exploration work in 2005 at the Kolvinsky Bank and the Khoreiverskaya Depression. Work was begun on four prospecting wells and two wells were completed. Drilling was completed at well №255 in the northern part of the Inzyreiskoye Rise (part of the Kolvinsky Bank). Presence of commercial oil-bearing deposits was confirmed, and daily oil flow of 2,452 barrels was obtained. Drilling of well №100, with planned depth of 4,700 meters, was begun at the Olginskaya structure, in the eastern part of the Kolvinsky Bank. Three strata were tested in the process of drilling and daily oil flows were between 75 and 2,094 barrels. The results of 3D seismic exploration work at the Nirmalinskaya structure and drilling of wells at the East-Sarutayuskoye field and the Nirmalinskaya structure suggest possible unification of oil deposits at these structures into one large deposit with recoverable oil reserves in excess of 250 million barrels. Development of oil saturated collectors was confirmed in the northern part of the Tedinskoye field thanks to drilling of well №2 at one of the geological folds, which had been marked down for drilling as a result of 3D seismic work. Sampling of the collectors gave daily oil flow of 547 barrels. Naryanmarneftegaz carried out geological exploration work in 2005 at the Varandei-Adzvinskaya structural zone. Drilling of three wells was completed and a fourth was begun. 22
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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 and 18: ANNUAL REPORT, 2005 LUKOIL is reali
Page 19: ANNUAL REPORT, 2005 GEOLOGICAL EXPL
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Page 25 and 26: ANNUAL REPORT, 2005 In 2005 LUKOIL
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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
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Page 37 and 38: KAZAKHSTAN Kumkol 50% LUKOIL INTERN
Page 39 and 40: ANNUAL REPORT, 2005 Main oil export
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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
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THE MARKET FOR COMPANY SECURITIES R
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than in the first quarter of the ye
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Alexander Shokhin Independent Direc
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Vagit Sharifov Vice-President, Head
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The general meeting of shareholders
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the Group's organizations and struc
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ANNUAL REPORT, 2005 Projects of LUK
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ANNUAL REPORT, 2005 Fields and lice
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ANNUAL REPORT, 2005 erves were not
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ANNUAL REPORT, 2005 The company's r
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FINANCIAL ACCOUNTS MANAGEMENT'S DIS
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FINANCIAL ACCOUNTS Strategic Partne
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FINANCIAL ACCOUNTS The table below
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FINANCIAL ACCOUNTS The mineral extr
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FINANCIAL ACCOUNTS lack refining ca
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FINANCIAL ACCOUNTS YEAR ENDED DECEM
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FINANCIAL ACCOUNTS 2005 2004 Realiz
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FINANCIAL ACCOUNTS Operating expens
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FINANCIAL ACCOUNTS Excise and expor
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FINANCIAL ACCOUNTS YEAR ENDED DECEM
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FINANCIAL ACCOUNTS Sales revenue Sa
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FINANCIAL ACCOUNTS Wholesale of ref
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FINANCIAL ACCOUNTS The increase in
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FINANCIAL ACCOUNTS Analysis of capi
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FINANCIAL ACCOUNTS GUARANTEES, OFF-
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FINANCIAL ACCOUNTS ing filed by the
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FINANCIAL ACCOUNTS CRITICAL ACCOUNT
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FINANCIAL ACCOUNTS CONSOLIDATED FIN
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FINANCIAL ACCOUNTS OAO LUKOIL Conso
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FINANCIAL ACCOUNTS OAO LUKOIL Conso
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FINANCIAL ACCOUNTS OAO LUKOIL Notes
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FINANCIAL ACCOUNTS Property, plant
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FINANCIAL ACCOUNTS found a sufficie
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FINANCIAL ACCOUNTS Investments in "
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FINANCIAL ACCOUNTS members of the G
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FINANCIAL ACCOUNTS Russian ruble bo
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FINANCIAL ACCOUNTS The following ta
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FINANCIAL ACCOUNTS The real returns
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FINANCIAL ACCOUNTS The Company's ne
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FINANCIAL ACCOUNTS In January 2005,
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FINANCIAL ACCOUNTS Environmental li
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FINANCIAL ACCOUNTS NOTE 22. COMPENS
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FINANCIAL ACCOUNTS OAO LUKOIL Suppl
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FINANCIAL ACCOUNTS III. Results of
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FINANCIAL ACCOUNTS Estimated net pr
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FINANCIAL ACCOUNTS develop and prod
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FINANCIAL ACCOUNTS Group's share in
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FINANCIAL ACCOUNTS and the Governme
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FINANCIAL ACCOUNTS A corporate hold
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ANNUAL REPORT, 2005 REFERENCE INFOR
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ANNUAL REPORT 2005 - Lukoil

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