ANNUAL REPORT 2005 - Lukoil

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The Company continued work on preparation of gas fields in the Bolshekhetskaya Depression in 2005. A landmark event in April was commissioning of the Nakhodkinskoye gas field at which 472 million cubic meters of natural gas were produced in 2005. Launch of production at this field marks activation of the LUKOIL gas program. A total of 60 wells will be drilled at the Nakhodkinskoye field. Planned annual production level of 10 billion cubic meters should be achieved in 2008. All of the gas produced at the field is bought by Gazprom at the Yamburg Compressor Station settlement point at a price of $22.5 per 1,000 cubic meters. This is a fixed price, which will remain applicable until the end of 2006. In March 2005 LUKOIL and Gazprom signed a General Agreement on Strategic Partnership in 2005–2014. The Agreement provides for joint realization of projects for exploration and development of oil & gas fields in the Yamal-Nenets Autonomous District, the Nenets Autonomous District, the Russian sector of the Caspian Sea, the Republic of Uzbekistan and other regions. The Agreement also envisages development of cooperation in sea transport of oil & gas condensate from northern regions of the Nenets and Yamal-Nenets Autonomous Districts. The parties will continue to support existing partnership in supply of hydrocarbons and petro- and gas-chemical production, as well as placing available resources of oil & gas condensate at their own gas processing and oil refining enterprises in Russia and abroad. EXPLORATION & PRODUCTION Following acquisition of Geoilbent in 2005 LUKOIL developed a concept for production of natural and associated gas at Geoilbent fields and submitted a request to Gazprom to obtain technical conditions for connection of the fields to the Gazprom transport system. Preparations continued in 2005 for the start of gas production at Northern Caspian fields. LUKOIL carried out work with Kazakh partners (based on the Russian-Kazakh governmental agreement for dividing the Caspian seabed) to prepare joint development of the Khvalynskoye field. A development plan has been prepared, PSA conditions are being negotiated, and the Caspian Oil & Gas Company has been registered in Astrakhan to implement the development. Executive and supervisory agencies in Astrakhan Region have approved a declaration of intent to build a gas pipeline for transport of low-sulfur natural gas from the Khvalynskoye field and associated gas from the Yu. Korchagin field to coastal facilities in Astrakhan Region. International Projects LUKOIL took part in three international gas production projects in 2005: Karachaganak, Kumkol and Tengiz (Kazakhstan). The Company's share in gas production by these projects was 1,835 million cubic meters. Natural gas represented 87.5% of the total. Operating gas wellstock in these projects consisted of 63 wells, and 45 wells were in production. Construction of a TPG-500 production platform, underwater pipelines and the South-Caucasus Gas Pipeline (Baku–Tbilisi–Erzerum) was completed as part of the Shakh-Deniz offshore project. Start of gas production is scheduled for the third quarter of 2006. 37
KAZAKHSTAN Kumkol 50% LUKOIL INTERNATIONAL EXPLORATION & PRODUCTION PROJECTS (as of January 1, 2006) AZERBAIJAN Shakh-Deniz 10% KAZAKHSTAN Karachaganak KAZAKHSTAN Tengiz 15% 2.7% AZERBAIJAN D-222 80% KAZAKHSTAN Tyub-Karagan 50% KAZAKHSTAN Atashsky 50% KAZAKHSTAN Kazakhoil-Aktobe 50% COLOMBIA Condor 70% KAZAKHSTAN Buzachi Operating 50% VENEZUELA Junin-3 KAZAKHSTAN KarakudukMunai 76% KAZAKHSTAN Arman 50% EGYPT West Geisum 100% UZBEKISTAN Kandym – Khauzak – Shady 90% 70% Share of LUKOIL Group EGYPT North-East Geisum 100% IRAN Anaran 25% Oil Gas Exploration EGYPT WEEM 100% IRAQ West Qurnah-2 68.5% Production EGYPT Meleiha 24% SAUDI ARABIA Block A 80% 38 39
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 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: ANNUAL REPORT, 2005 Gas Production
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
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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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