Lukoil reports yearend proved reserves at 15.8 billion boe

PJSC Lukoil reported yearend 2019 proved hydrocarbon reserves of 15.8 billion boe including 12.015 billion bbl of oil and 22.527 tcf of gas.

Reserves were estimated based on the commercial life-of-field approach by Miller and Lents.

The proved reserves replacement ratio for liquids, excluding the effect of changes in macroeconomic factors on evaluation, totaled 107% in 2019.

As a result of geological exploration and production drilling conducted in 2019, the company added 642 MMboe to proved reserves, which is 11% higher year-on-year. The largest contribution was from assets in West Siberia, Timan-Pechora and the Russian sector of the Caspian Sea.

Optimization of development systems and wellwork programs at existing fields, as well as conversion of contingent resources to reserves, added 108 MMboe to proved reserves. Acquisition of assets in Russia and abroad in 2019 added 70 MMboe to proved reserves.

The proved reserves category includes developed reserves and undeveloped reserves. Of the 16.558 billion boe of proved reserves at yearend 2019, some 9.531 billion were developed and 6.238 billion were undeveloped.

The reserves dynamics was negatively affected by an 11% decrease in oil price and US dollar to ruble exchange rate used for reserves evaluation.