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Press Release

LUKOIL HYDROCARBON PRODUCTION AVAILABLE FOR SALE INCREASES BY 7.3% y-o-y. OIL PRODUCTION EXCEEDS 2 MLN BARRELS PER DAY

{ 5/14/2007 12:00:00 AM }

LUKOIL Group (subsidiary companies and LUKOIL’s share in output by affiliated companies) total hydrocarbon production available for sale reached 2.24 mln boe per day in the first quarter of 2007, up 7.3% y-o-y.

Crude oil output of LUKOIL Group totaled 2,005 th. bpd* (up 6.5% y-o-y), or 24.431 mln tons. LUKOIL subsidiary companies produced 23.755 mln tons of crude, up 7.4% y-o-y.

Average flow rate per oil well at LUKOIL fields in Russia increased from 11.15 to 11.25 tons per day.

Natural and associated gas output of LUKOIL Group available for sale was 3.58 bcm, which is 14.1% more than in the first quarter of 2006. Natural gas output available for sale was 2.54 bcm, up 16.6% y-o-y.

LUKOIL refined 13.18 mln tons of crude at the Company’s owned and third-party refineries, which is the same as in the first quarter of 2006. Throughputs at the Company’s own refineries grew by 0.6% y-o-y, to 12.13 mln tons. Throughputs at LUKOIL’s own refineries in Russia increased by 5.5% y-o-y whereas throughputs at own foreign refineries decreased. The decrease of throughputs at the foreign refineries was due to a planned upgrade of the Burgas refinery and optimization of seasonal capacity utilization of the Ploiesti refinery.

Hydrocarbon production available for sale, th. boe per day
1Q 20071Q 2006Growth
LUKOIL Group output:2,2392,087+7.3%
Including
Crude oil output *2,0051,882+6.5%
Petroleum and natural gas output**234205+14.1%
Crude oil output, th. tons
1Q 20071Q 2006Growth
LUKOIL Group output:24,43122,979+6.3%
Including
Subsidiary companies23,75522,109+7.4%
Share in affiliated companies676870-22.3%
Russia:22,89321,675+5.6%
Including
Subsidiary companies22,74921,292+6.8%
Share in affiliated companies144383-62.4%
International projects:1,5381,304+17.9%
Including
Subsidiary companies1,006817+23.1%
Share in affiliated companies532487+9.2%
LUKOIL Group output, th. bpd*2,0051,882+6.5%
Average flow rate of oil wells in Russia,11.2511.15+0.9%
tons per day
* Conversion ratio from tons to barrels characterizes the density of oil from each of LUKOIL oilfields.
** Conversion ratio from cubic meters to barrels of oil equivalent is 1,000 cm = 5.885 boe.
Gas output available for sale, mcm
1Q 20071Q 2006Growth
LUKOIL Group output:3,5813,139+14.1%
Including
Subsidiary companies3,5243,082+14.3%
Share in affiliated companies57570.0%
Russia:3,2812,821+16.3%
Including
Subsidiary companies3,2732,813+16.4%
Share in affiliated companies880.0%
International projects:300318-5.7%
Including
Subsidiary companies251269-6.7%
Share in affiliated companies49490.0%
LUKOIL Group output**, th. boe per day234205+14.1%
** Conversion ratio from cubic meters to barrels of oil equivalent is 1,000 cm = 5.885 boe.
Refinery throughputs***, th. tons
1Q 20071Q 2006Growth
Owned refineries12,13212,06+0.6%
Russia10,1819,653 +5.5%
International1,9512,407-18.9%
Third-party refineries1,0471,114-6.0%
*** Including mini-refineries.
This information is based on preliminary operating data, which may be adjusted and corrected during preparation of LUKOIL financial accounts for the first quarter of 2007. So the figures in this press-release may differ from operating statistics, which will be published together with the financial accounts.

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