As a result of geological exploration and production drilling conducted in 2019, LUKOIL added 642 million barrels of oil equivalent to proved reserves, which is 11% higher year-on-year. The largest contribution was from assets in West Siberia, Timan-Pechora and 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 million barrels of oil equivalent to proved reserves. Acquisition of assets in Russia and abroad in 2019 added 70 million barrels of oil equivalent to proved reserves.
LUKOIL Group's Hydrocarbon Reserves
(The independent audit of proved reserves was performed by Miller and Lents based on the commercial life-of-field approach. The conversion ratio from cubic feet to barrels: 1 barrel = 6,000 cubic feet).
| As of December 31, 2019 | Liquids | Gas | Hydrocarbons |
|---|---|---|---|
| million barrels | billion cubic feet | million barrels of oil equivalent | |
| Proved reserves | 12,015 | 22,527 | 15,769 |
| including: | |||
| Developed | 7,799 | 10,390 | 9,531 |
| Undeveloped | 4,216 | 12,137 | 6,238 |
| Probable reserves | 4,671 | 9,275 | 6,217 |
| Possible reserves | 2,506 | 2,966 | 3,000 |
