According to the data audited by Miller and Lents USA, Lukoil’s proved reserves are estimated at 20.4 billion barrels of oil equivalent, including 15.7 billion barrels of oil and 27.9 trillion cubic feet of gas. Lukoil stated that, for eight years on end, it has completely compensated hydrocarbon production with the reserve additions.
The evaluation of oil and gas reserves of Lukoil Group was reportedly performed in compliance with the SPE-PRMS requirements prepared by US Society of Petroleum Engineers, reviewed and approved by the World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.
The reserves included those volumes which are recoverable up to and past license expiry dates. The company’s total reserves in all categories constitute 100% net reserves owned by the consolidated subsidiaries and net share in appropriate reserves of affiliates.
Lukoil noted that hydrocarbon reserves decline due to production and sale of a 50% interest in Caspian Investments Resources Kazakhstan was fully offset by additions to reserves as a result of exploration activity and development drilling, acquisition of interests in producing assets and favorable price environment.
