PJSC LukOil Results of Reserves Assessment (0861D)
14 February 2020 - 11:15PM
UK Regulatory
TIDMLKOD
RNS Number : 0861D
PJSC LukOil
14 February 2020
LUKOIL COMPLETES RESERVES ESTIMATE AS OF THE END OF 2019
PJSC "LUKOIL" (hereinafter - the Company) announces the results
of the reserves assessment and independent audit as of December 31,
2019.
According to the SEC classification, the Company's proved
hydrocarbon reserves totaled 15.8 billion barrels of oil
equivalent, 76% of which stood for liquids. The proved reserves
replacement ratio for liquids, excluding the effect of changes in
macroeconomic factors on evaluation, totaled 107% in 2019. The
Company's proved hydrocarbon reserves life is 18 years.
As a result of geological exploration and production drilling
conducted in 2019, LUKOIL added 642 million barrels of oil
equivalent to proved reserves, which is 11% higher year-on-year.
The largest contribution was from assets in West Siberia,
Timan-Pechora and 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 108 million barrels of oil equivalent to proved
reserves. Acquisition of assets in Russia and abroad in 2019 added
70 million barrels of oil equivalent to proved reserves.
The reserves dynamics was negatively affected by an 11% decrease
in oil price and US dollar to ruble exchange rate used for reserves
evaluation.
LUKOIL Group's Hydrocarbon Reserves
As of December 31, Liquids Gas Hydrocarbons
201 9
billion cubic million barrels
million barrels feet of oil equivalent
---------------- -------------- -------------------
Proved reserves 12,0 15 2 2 , 527 15, 769
including:
Developed 7, 79 9 10,390 9,531
Undeveloped 4, 216 12,137 6, 238
---------------- -------------- -------------------
Probable reserves 4, 671 9,275 6, 217
---------------- -------------- -------------------
Possible reserves 2, 506 2,9 66 3,000
---------------- -------------- -------------------
The independent audit of proved 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.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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