ANNUAL REPORT 2005 - Lukoil

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work was carried out for construction of the Kandym gas processing plant. Proved gas reserves in the Kandym – Khauzak – Shady project increased by 912 billion cubic feet, or by 86% during the year. Drilling of a 4,500 meter exploration well was completed in the deepwater part of the Azerbaijani sector of the Caspian Sea as part of the D-222 (Yalama) project, which is being implemented jointly with the State Oil Company of Azerdaijan. The work, which is observing a principle of zero discharge, located gas and obtained unique geological information about structures in the central part of the Caspian, where no exploration drilling had previously been carried out. The well was dismantled for geological reasons. On the basis of the geological and geophysical data obtained from the well, scientific studies have now begun in order to adjust the geological model of promising structures. Preparations for a program of further prospecting and exploration work have also started. EXPLORATION & PRODUCTION Drilling of a first exploration well with depth of 2,500 meters was carried out at the Tyub-Karagan offshore territory in the central part of the Kazakh sector of the Caspian Sea. The well was dismantled for geological reasons. At the neighbouring Atashsky territory 2D seismic work continued, as did electrical exploration and geological-engineering studies ahead of drilling of the first exploration well. Both projects are being implemented jointly with the Kazakh national oil company KazMunaiGaz. 2D and 3D seismic exploration was successfully completed on an area of 1,800 km 2 at the gas Block A in the Rub-Al-Khali desert (Saudi Arabia), and preparations were made for drilling of a first exploration well at the South Tukhman structure. The project is being implemented jointly with the Saudi national oil company, Saudi Aramco. In Egypt preparations were completed for drilling of a second exploration well at the North-East Geisum offshore block. An agreement was signed in 2005 on creation of a consortium of investors consisting of the Uzbek national holding company Uzbekneftegaz, LUKOIL Overseas, Petronas Carigali Overseas (Malaysia), Korea National Oil Corporation (Republic of Korea), and CNPC International (China). The consortium will negotiate with the Government of the Republic of Uzbekistan on preparation of a PSA for geological exploration and development of oil & gas fields in the Uzbek sector of the Aral Sea. Oil & Gas Reserves 1.4% of global oil reserves 0.4% of global gas reserves First by oil reserves among major international publicly traded oil companies Second by hydrocarbon reserves among major international publicly traded oil companies Proved hydrocarbon reserves of LUKOIL Group under international classification* as of 1 January, 2006, were 20.330 billion boe, including 16.114 billion barrels of oil and 25.298 trillion cubic feet of gas. Proved hydrocarbon reserves are sufficient for 29 years at current production levels (oil for 24 years and gas for 95 years). * In 2005 Miller and Lents (USA) carried out its eleventh consecutive annual technical and economic audit of LUKOIL Group reserves to standards of the US Society of Petroleum Engineers (US SPE). 27
ANNUAL REPORT, 2005 Distribution of oil & gas reserves by regions Timan-Pechora 3,833 million barrels 176 bcf Urals 2,170 million barrels 607 bcf 23.8% 0.7% 13,5% 2.4% Western Siberia 8,572 million barrels 53.2% 1,698 bcf 6.7% Bolshekhetskaya Depression 203 million barrels 1.2% 13,185 bcf 52.1% International projects 614 million barrels 3,845 bcf 3.8% 15.2% Other 254 million barrels 4 bcf 1.6% 0.0% Volga 285 million barrels 180 bcf 1.8% 0.7% Northern Caspian 183 million barrels 5,603 bcf 1.1% 22.2% Oil 100% Gas 100% Total 16,114 million barrels 25,298 bcf Proved hydrocarbon reserves of LUKOIL grew by 4.8% in 2005 taking account of production and by 1.3% not taking account of production. The growth for oil was 5.1% with production and 0.9% without production, and the figures for gas were 3.9% and 2.8% respectively. The hydrocarbon reserve replacement ratio was 137% (121% for oil and 362% for gas). LUKOIL's proved hydrocarbon reserves increased by 676 million boe in 2005 as a result of geological exploration work (506 million barrels of oil and 1,020 billion cubic feet of gas), so geological exploration almost fully compensated Company production of hydrocarbons. The LUKOIL strategic development program for 2005–2014 provides for a full reserve replacement at a competitive rate of costs. Proved Hydrocarbon Reserves, billion boe Proved Oil Reserves, billion barrels Proved Gas Reserves, trillion cubic feet 20.4 20.3 20.330 16.2 16.114 25.5 25.298 20.2 16.1 25.0 20.1 20.0 20.072 20.056 16.0 15.977 15.972 24.5 24.598 24.473 19.9 2003 2004 2005 15.9 2003 2004 2005 24.0 2003 2004 2005 28
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 and 18: ANNUAL REPORT, 2005 LUKOIL is reali
Page 19 and 20: ANNUAL REPORT, 2005 GEOLOGICAL EXPL
Page 21 and 22: ANNUAL REPORT, 2005 Russia Total ex
Page 23 and 24: ANNUAL REPORT, 2005 Western Siberia
Page 25: ANNUAL REPORT, 2005 In 2005 LUKOIL
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
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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 Geographical seg
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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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