In the first half of 2005 LUKOIL Group (subsidiary companies and LUKOIL’s share in output of affiliated companies, forming the Company’s consolidated financial results) total hydrocarbon production reached 1.91 mln boe per day, up 6.2% y-o-y.

Crude oil output of LUKOIL Group totaled 1.79 mln bpd^* (up 5.1% y-o-y) or 44.2 mln tons (up 4.5% y-o-y). The growth was organic.

LUKOIL subsidiary companies produced 42.35 mln tons of crude, up 4.4% y-o-y.

Average flow rate per oil well reached 11 tons per day, up 3.8% y-o-y.

Flow rate per new oil well grew by 4.6% y-o-y to 45.2 tons per day.

Petroleum and natural gas output of LUKOIL Group was 3.8 bcm, which is 22.8% more than in the first half of 2004. Daily petroleum and natural gas output grew by 24.0% y-o-y to 124 th. boe per day. Natural gas output was 1.41 bcm, up 71.7% y-o-y.

LUKOIL refined 22.5 mln tons of crude at its own refineries, which is 7.1% more than in the first half of 2004. Throughputs at international refineries grew by 43.3% as Romanian refinery “Petrotel-LUKOIL” has been put into operation. A slight decrease of throughputs at domestic refineries was due to the scheduled repair in the first half of 2005.

                                                                       Hydrocarbon production, th. boe per day

	1H 2005	1H 2004	Growth
LUKOIL Group output:	1,915	1,804	+6.2%
Including
Crude oil output*	1,791	1,704	+5.1%
Petroleum and natural gas output**	124	100	+24.0%

Crude oil output, th. tons

	1H 2005	1H 2004	Growth
LUKOIL Group output:	44,225	42,307	+4.5%
Including
Subsidiary companies	42,351	40,552	+4.4%
Share in affiliated companies	1,874	1,755	+6.8%
Russia:	42,323	40,698	+4.0%
Including
Subsidiary companies	41,425	39,955	+3.7%
Share in affiliated companies	898	743	+20.9%
International projects:	1,902	1,609	+18.2%
Including
Subsidiary companies (PSA)	926	597	+55.1%
Share in affiliated companies	976	1,012	-3.6%
LUKOIL Group output, th. bpd*	1,791	1,704	+5.1%
Average flow rate of oil wells, tons per day	11.0	10.6	+3.8%
Flow rate of new oil wells, tons per day	45.2	43.2	+4.6%

Petroleum and natural gas output, mcm

	1H 2005	1H 2004	Growth
LUKOIL Group output:	3,801	3,095	+22.8%
Including
Subsidiary companies	3,660	2,971	+23.2%
Share in affiliated companies	141	124	+13.7%
Russia:	2,797	2,451	+14.1%
Including
Subsidiary companies	2,768	2,432	+13.8%
Share in affiliated companies	29	19	+52.6%
International projects:	1,004	644	+55.9%
Including
Subsidiary companies (PSA)	892	539	+65.5%
Share in affiliated companies	112	105	+6.7%
LUKOIL Group output, th. boe per day*	124	100	+24.0%

*  Conversion ratio from tons to barrels is 7.33.

**  Includes marketable gas and gas for internal consumption as well as technological losses. Conversion ratio from m3  to barrels of oil equivalent is 1,000 m³ = 5.885 boe.

Refinery throughputs^*, th. tons

	1H 2005	1H 2004	Growth
Total	22,524	21,039	+7.1%
Russia	17,431	17,486	-0.3%
International	5,093	3,553	+43.3%

*  Including mini-refineries.

This information is based on preliminary production data, which may be adjusted and corrected during preparation of LUKOIL financial accounts for 1H 2005. So the figures in this press release may differ from production statistics, which will be published together with the financial accounts.

Press Centre  OAO "LUKOIL"
phone.: (095)927-1677,  fax: (095)927-1653,
E-mail: pr@lukoil.com