Reserves were estimated based on the commercial life-of-field approach by Miller and Lents.
The proved reserves replacement ratio, excluding the effect of changes in macroeconomic factors used for reserves estimate, totaled 93% in 2020.
|As of December 31, 2020||Liquids||Gas||Hydrocarbons|
|million barrels||billion cubic feet||million barrels of oil equivalent|
Lukoil said the largest contribution was made by the assets in West Siberia, Ural region, 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 258 million barrels of oil equivalent to proved reserves.
The reserves dynamics was negatively affected by a 34% decrease in annual average oil price used for reserves estimate.
Thus, in 2020 there was a decrease in hydrocarbon reserves by 1.0%, incl. liquid hydrocarbon reserves decreased by 0.55%.