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LUKOIL records losses as others make profit

As oil companies with interest in stakes in the country continue to release their third quarter reports not all appear to be posting profits.

A Russian giant LUKOIL made a loss in the third quarter dropping 20% from last year.

LUKOIL, the biggest private oil in Russia attributed her loss to spending on two dry offshore wells in Ghana, foreign exchange losses, and higher tax payments. LUKOIL early on failed to find oil or gas after drilling two dry wells in Cape Three Points off Ghana.

Meanwhile, its production fell 5. 3% in the period from last year to 2. 11 million barrels of oil equivalent a day, as output at West Siberian fields developed in soviet times decline.

LUKOIL said net profit was hampered by extra tax payment on foreign exchange gains and by spending $161 million on two exploration wells off the coast of Ghana.

Initial findings at the two wells had not shown commercial reserves, the company said.

 

http://www.citifmonline.com/index.php?id=1.678368

 

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