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LUKOIL added 501 million oil-equivalent barrels of proved oil reserves in 2021

The company's reserves life at current production rates is 19 years

LUKOIL added 501 million oil-equivalent barrels of proved oil reserves in 2021

Source: LUKOIL

Moscow, February 8 - Neftegaz.RU. LUKOIL is one of the leading international and Russian companies in terms of proved reserves life, the company announced today the results of the reserves assessment and independent audit as of December 31, 2021.

According to the SEC classification, the company's proved hydrocarbon reserves totaled 15.3 billion barrels of oil equivalent.
The company's proved hydrocarbon reserve life is 19 years, in comparison with the average of 11 years among the world’s largest international oil companies..

The share of liquids in proved reserves is 76%, the share of gas is 24%.
The proved reserves replacement ratio at the company's projects in Russia totaled 109% in 2021, including 109% for liquids and 108% for gas.

As a result of geological exploration and production drilling conducted in 2021, LUKOIL added 501 million barrels of oil equivalent to proved reserves, which is 8% higher year-on-year.

The reserves dynamics was negatively affected by reserves revision for the international projects which are based on production sharing agreements or service contracts due to an increase in annual average oil price.

The largest contribution was made by the assets in West Siberia, Ural region, Timan-Pechora, as well as in the Baltic and Caspian Seas.
The conversion of contingent resources to reserves added 40 million barrelsof oil equivalent to proved reserves.

Concentrated mainly in West Siberia, 89% of the Group's proved hydrocarbon reserves are located in Russia.

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