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LUKOIL reports yearend 2020 proved reserves at 15.4 billion boe

The conversion ratio from cubic feet to barrels: 1 barrel = 6,000 cubic feet.

LUKOIL reports yearend 2020 proved reserves at 15.4 billion boe

Moscow, February 16 - Neftegaz.RU. LUKOIL reported yearend 2020 proved hydrocarbon reserves of 15.4 billion barrels of oil equivalent (boe), 76% of which stood for liquids.
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.
The company's proved hydrocarbon reserves life is 20 years.

LUKOIL Group's hydrocarbon reserve:
As of December 31, 2020 Liquids Gas Hydrocarbons
million barrels billion cubic feet million barrels of oil equivalent
Proved reserves 11,692 22,156 15,385
Developed 7,597 9,977 9,260
Undeveloped 4,095 12,179 6,125
Probable reserves 4,105 8,861 5,581
Possible reserves 2,314 2,927 2,802
As a result of geological exploration and production drilling conducted in 2020, LUKOIL added 464 million barrels of oil equivalent to its proved reserves.
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.

At the end of 2019, LUKOIL's proven hydrocarbon reserves amounted to 15.769 billion boe.
Thus, in 2020 there was a decrease in hydrocarbon reserves by 1.0%, incl. liquid hydrocarbon reserves decreased by 0.55%.

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