Novatek Total Proved Reserves Rose 3% in 2019
January 22 2020 - 5:20AM
Dow Jones News
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)
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