Lukoil recovers 67% of output cut in May 2020 under OPEC+ deal

MOSCOW, Aug 27 (PRIME) -- Russian oil major Lukoil has recovered about 66.6% of its oil production that the company had to cut in May 2020 in line with an updated OPEC+ oil output reduction deal, Vice President for Finance Pavel Zhdanov said in a conference call on Friday.

“The current free capacities for production of oil in Russia stands at 90,000 barrels a day. As of the moment, we have recovered two-thirds of production as compared with May 2020,” he said.

He also said that Lukoil planned to close an acquisition of a stake in Block 4 project in Mexico until the end of the year.

“The deal is to be closed until the end of the year until conditions precedent are met,” he said, adding that the deal amounts to U.S. $435 million plus costs incurred since the beginning of 2021.

First Vice President Alexander Matytsyn said that the board of directors of Lukoil would consider the company’s dividends for January–June at a meeting in October.

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