By Adriano Marchese

Novatek (NVTK.LN) said Wednesday that an appraisal of the company's hydrocarbon reserves determined that the company had 16.27 billion barrels of oil equivalent in 2019, with total proved reserves up by 3% compared with the year prior.

As of Dec. 31, the Russian oil-and-gas company said the reserves include 2.23 trillion cubic meters of natural gas and 193 million metric tons of liquid hydrocarbons. The company said it has a reserve replacement rate of 181% for the year, with the addition of 1.07 billion barrels of oil equivalent, a figure which includes 2019 production.

The company added that it significantly increased its exploration activities in 2019 and acquired new license areas.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

January 22, 2020 05:05 ET (10:05 GMT)