The Russia oil and gas company Lukoil has released its 2022 results. The group increased its oil and condensate production by 7.1% to 85 Mt in 2022. Gas production, taking into account international projects, increased by 7.6% to 34.6 bcm. In Russia, the company’s 2022 gas output increased by 10% compared to 2021 to 17.7 bcm, thanks to acquisitions in Western Siberia. Lukoil's general hydrocarbon production in 2022 was 2.3 mboe/d (+7%), with 76% being liquid hydrocarbons and 24% being natural and associated gas. As of end-2022, the group's proven hydrocarbon reserves amounted to 15,100 Mboe.
In addition, Lukoil increased its oil refining output at in-house refineries by 11% year on year to 70.1 Mt in 2022. Retail sales of petroleum products in Russia increased by 9.9% to 10.8 Mt and by 1.6% overseas to 4.1 Mt. The company sold 1.7 Mt of oil on the domestic market in 2022, compared to 2.7 Mt in 2021. Oil sales overseas dropped by nearly 49% to reach 47.6 Mt in 2022. Lukoil’s crude oil export increased by 14% in 2022 to 35.4 Mt, while petroleum products exports rose by 10.5% to 19.4 Mt.