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Lukoil proved hydrocarbon reserves 17.3 bln barrels of oil equivalent

February 08/2012

(lukoil) -- Lukoil  finished an evaluation and independent audit of its oil and gas reserves. The evaluation was performed in accordance with the US Securities and Exchange Commission (SEC) standards until the economic limit of commercial production is reached.

The audit results by Miller and Lents, a US firm, suggest that the Companys proved hydrocarbon reserves as of December 31, 2011 came to 17.3 billion barrels of oil equivalent, including 13.4 billion barrels of oil and 23.2 trillion cubic feet of gas. The oil already produced was replenished more than 100% through an increment in proved reserves in 2011.


Significant progress was achieved in 2011 in the preparation and commissioning of a number of new fields of the Company, which allowed the Group to transfer 170 million barrels of oil equivalent from the contingent resources category to the category of proved reserves. At the same time rapid production drop at the Yuzhno-Khylchuyuskoye field, as compared with earlier forecasts, led to a fall in the proved reserves by 147 million barrels of oil equivalent.

In summary, in terms of the proved hydrocarbon reserves volume LUKOIL retains its leading positions among the Russian and international companies.

Author:Anna Larionova
Tags:naphta, oil.
Category:General News
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