PJSC LukOil Reserves Audit (1586F)
February 16 2018 - 8:00AM
UK Regulatory
TIDMLKOD
RNS Number : 1586F
PJSC LukOil
16 February 2018
LUKOIL COMPLETES RESERVES ESTIMATE AS OF THE END OF 2017
LUKOIL announced today the results of the oil and gas reserves
assessment and independent audit as of December 31, 2017. According
to the SEC (U.S. Securities and Exchange Commission) standards, the
Company's proved hydrocarbon reserves totaled 16.0 billion barrels
of oil equivalent, 75% of which were oil reserves. The Company's
proved reserves life is 19 years.
In 2017 LUKOIL added 501 million barrels of oil equivalent to
its proved reserves in the result of geological exploration and
related discoveries as well as development drilling. West Siberia,
the Company's main producing region, accounted for the largest
reserves addition in the amount of 198 million barrels of oil
equivalent. Further development of Russian offshore fields in the
Caspian Sea ensured another significant addition of 100 million
barrels of oil equivalent with 95 million barrels coming from the
launched in 2016 Vladimir Filanovsky field. As a result of the
development of gas projects in Uzbekistan and the Bolshekhetskaya
Depression in Russia, the share of proved developed gas reserves
increased from 36% to 47%.
As the average crude oil prices grew by more than 30% in 2017,
the ompany's international projects, developed under production
sharing agreements and service contracts, showed a decline in
reserves. For instance, LUKOIL's reserves of the West Qurna-2 field
went down by 153 million barrels of oil equivalent.
LUKOIL also completed the 3C contingent reserves assessment
under the PRMS (Petroleum Resources Management System) standards.
As of December 31, 2017 the Company's contingent resources amounted
to 13.7 billion barrels of oil equivalent. Contingent oil and gas
resources can be reclassified into reserves as the macroeconomic
conditions improve, the commissioning dates of the fields approach,
new technologies are introduced and the pilot operations are
completed.
LUKOIL Group Oil and Gas Reserves
As of December Oil Gas Oil + Gas
31, 2017
------------------ ---------------- -------------- -------------------
million barrels billion cubic million barrels
feet of oil equivalent
------------------ ---------------- -------------- -------------------
Proved reserves, 12,077 23,649 16,018
including:
Developed 7,712 11,088 9,560
Undeveloped 4,365 12,561 6,458
------------------ ---------------- -------------- -------------------
Probable 4,835 9,446 6,409
------------------ ---------------- -------------- -------------------
Possible 2,581 3,038 3,087
------------------ ---------------- -------------- -------------------
The independent audit of the Company's proved reserves was
performed by Miller and Lents US consulting firm based on the
commercial life-of-field approach. Conversion ratio from cubic feet
to barrels: 1 barrel = 6,000 cubic feet
This information is provided by RNS
The company news service from the London Stock Exchange
END
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