PJSC "LUKOIL" (hereinafter 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. 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 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 barrels of oil equivalent to proved reserves. 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.
LUKOIL Group's Hydrocarbon Reserves
As of December 31, 2021
|
Liquids
|
Gas
|
Hydrocarbons
|
|
million barrels
|
billion cubic feet
|
million barrels of oil equivalent
|
Proved reserves
|
11,572
|
22,177
|
15,268
|
including:
|
|
|
|
Developed
|
7,778
|
9,570
|
9,373
|
Undeveloped
|
3,794
|
12,607
|
5,895
|
Probable reserves
|
4,544
|
9,080
|
6,057
|
Possible reserves
|
2,422
|
2,575
|
2,851
|
The independent audit of 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.
CONTACT INFORMATION
Press Centre PJSC "LUKOIL"
media@lukoil.com
+7 (495) 627-16-77
https://www.lukoil.com
https://www.facebook.com/Lukoil.en
https://twitter.com/lukoilengl
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