Lukoil (hereinafter the corporate) broadcasts the outcomes of the reserves evaluation and unbiased audit as of Dec. 31, 2018.

According to the SEC classification, the corporate's proved hydrocarbon reserves totaled 15.9 Bbbl of oil equal, 76% of which stood for liquids. The proved reserves substitute ratio for liquids totaled 101%. In Russia, the primary area of Lukoil's operations, the substitute ratio reached 127%. The firm's proved hydrocarbon reserves life is 19 years.

As a results of geological exploration and manufacturing drilling carried out in 2018, Lukoil added 576 MMboe to proved reserves with the most important contribution from manufacturing drilling in West Siberia and Timan-Pechora.

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A optimistic revision of the proved reserves within the combination of 297 MMboe was pushed by increased common oil worth, optimization of growth methods and wellwork packages at present fields, conversion of contingent sources to reserves specifically because of closing funding resolution on the Rakushechnoye discipline within the Caspian Sea in addition to introduction of the profit-based tax for various fields. The reserves dynamics had been negatively affected by reserves revision for the worldwide initiatives based mostly on PSAs and repair contracts as a result of common oil worth development and adjustments within the West Qurna-2 venture growth plan.

Source: www.worldoil.com

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