Meta Lukoil introduced at this time the outcomes of the oil and fuel reserves evaluation and impartial audit as of Dec. 31, 2017. According to the SEC (U.S. Securities and Exchange Commission) requirements, the Company's proved hydrocarbon reserves totaled 16.zero Bboe, 75% of which have been oil reserves. The Company's proved reserves life is 19 years.
In 2017, Lukoil added 501 MMboe to its proved reserves in the results of geological exploration and associated discoveries in addition to improvement drilling. West Siberia, the Company's predominant producing area, accounted for the most important reserves addition within the quantity of 198 MMboe. Further improvement of Russian offshore fields within the Caspian Sea ensured one other vital addition of 100 MMboe with 95 MMbbl coming from the launched in 2016 Vladimir Filanovsky discipline. As a results of the event of fuel tasks in Uzbekistan and the Bolshekhetskaya Depression in Russia, the share of proved developed fuel reserves elevated from 36% to 47%.
As the common crude oil costs grew by greater than 30% in 2017, the ?ompany's worldwide tasks, developed underneath manufacturing sharing agreements and repair contracts, confirmed a decline in reserves. For occasion, Lukoil's reserves of the West Qurna-2 discipline went down by 153 MMboe.
Lukoil additionally accomplished the 3C contingent reserves evaluation underneath the PRMS (Petroleum Resources Management System) requirements. As of Dec. 31, 2017 the Company's contingent assets amounted to 13.7 Bboe. Contingent oil and fuel assets will be reclassified into reserves because the macroeconomic circumstances enhance, the commissioning dates of the fields method, new applied sciences are launched and the pilot operations are accomplished.
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