Yukos Produced 85.1 Million Metric Tonnes Of Crude In 2004
Posted: 23 March 2005
YUKOS Oil Company today released its preliminary consolidated operating results for the full year of 2004. The Company produced 85.1 million metric tons (1.70 mmbpd) of crude oil and gas condensate, including YUKOS' interest in production of equity affiliates, which is 5.3% more than in 2003. Refinery throughput increased by 5.6% in 2004 to 40.2 million metric tons (0.80 mmbpd). Despite the Russian Government's constant attacks on YUKOS throughout the year, YUKOS remained Russia's largest domestic production company in 2004.
Throughout the year YUKOS was operating in an environment where it found itself subject to a range of very negative influences from Russian authorities. Their actions led to the blocking of the Company's bank accounts and the arrest or freezing of Company assets. These measures were all initiated by the state as part of their sustained campaign to collect disputed tax claims from YUKOS.
Steven Theede, Chief Executive Officer, YUKOS Oil Company said: "Even with an enforced stringent cash conservation policy and more than 50% reduction of capital expenditures, YUKOS managed to achieve these impressive operating results in 2004".
In 2004 international sales of crude oil were 44.4 million metric tons (324 million barrels), an increase of 3.3% over 2003. Excluded from international sales of crude oil were 7.6 million metric tons (56 million barrels) of intercompany sales of crude oil to Mazeikiu Nafta.
International sales of petroleum products were at a level of 19.9 million metric tons (147 million barrels) in 2004, which is 10.1% higher than in 2003. Sales of petroleum products on the Russian domestic market in 2004 were 17.0 million metric tons (133 million barrels), which is 5.3% lower than in 2003.
In 2004 exports of crude oil outside the territory of the Russian Federation including sales to Mazeikiu Nafta were 51 .4 million metric tons (376 million barrels), an increase of 4.5% over 2003. Exports of petroleum products outside the territory of the Russian Federation were 12.2 million metric tons (86 million barrels) in 2004, an increase of 2.9% over 2003.
The light product yield at Company refineries, including Mazeikiu Nafta, was 61.5% in 2004, compared to 60.6% in 2003.
Placed on stream in 2004 were 281 new wells compared to 356 in 2003, excluding YUKOS' interest in equity affiliates.
The above preliminary operational data for the years 2004 and 2003 include Yuganskneftegas for the full year of 2004, include shares in equity affiliates and does not include the operational results of YUKOS' subsidiary OAO Sibneft.
Posted by Editor Pipeline Magazine
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