Russia’s number two oil company Lukoil said on Friday its net profit rose by 13 percent in the second quarter as production increased.
Net profit at the largest private oil company in Russia totalled $2.4 billion (1.8 billion euros) between April and June.
“Lukoil continued to implement measures to enhance output and bring new facilities into development,” the company said in a statement.
“It also continued to introduce and test new technologies focused on the enhancement of development efficiency of low-permeability gas reservoirs and new well flow rates,” it added.
The group launched last year a major programme to reverse a decline in output, which it said was increased in the first this year by 3.2 percent to 345 million barrels of oil equivalent.
It noted that the foreign component of this totalled 31 million barrels due to the start of commercial production at the West Qurna-2 field in Iraq .
Second quarter sales rose by 9 percent to $38.2 billion and operating profit edged up 2 percent to $2.9 billion.
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