LUKOY PJSC Lukoil (CE)

By Jaime Llinares Taboada

Lukoil PJSC on Monday reported that its hydrocarbon production increased in the fourth quarter of the year by 9.5% compared with the third quarter.

The Russian oil company achieved average daily production of 2.06 million barrels of oil equivalent in October-December, up from 1.88 million barrels in July-September. These figures exclude the West Qurna-2 project.

Lukoil said growth was driven by the OPEC+ agreement and a recovery in Uzbekistan output.

However, full-year production fell 12% from 2019 as the coronavirus pandemic hurt demand for oil and gas.

Shares in Moscow at 0850 GMT were up 0.6% at RUB5,750.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

February 08, 2021 04:26 ET (09:26 GMT)

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