The Russian oil firm Lukoil introduced the outcomes of the reserves evaluation and unbiased audit as of December 31, 2020.
According to the SEC classification, the corporate’s proved hydrocarbon reserves totaled 15.four billion barrels of oil equal, 76% of which stood for liquids.
The proved reserves substitute ratio, excluding the impact of adjustments in macroeconomic elements used for reserves estimate, totaled 93% in 2020. The Company’s proved hydrocarbon reserves life is 20 years.
As a results of geological exploration and manufacturing drilling carried out in 2020, Lukoil added 464 million barrels of oil equal to its proved reserves. The largest contribution was made by the belongings in West Siberia, Ural area, Timan-Pechora and Russian sector of the Caspian Sea.
Optimization of growth programs and wellwork packages at current fields, in addition to conversion of contingent sources to reserves added 258 million barrels of oil equal to proved reserves.
The reserves dynamics was negatively affected by a 34% lower in annual common oil worth used for reserves estimate.
Lukoil, primarily based in Moscow has operations in Russia, Western Europe, Asia, Mexico, USA, Egypt and West Africa.
(Source: Lukoil – Image: Lukoil rig at Imilorskoye discipline, close to Surgut, Western Siberia/Arctic Today)

The publish RUSSIAN LUKOIL ADDS 464 MILLION BARRELS TO ITS PROVEN RESERVES appeared first on Energy Global News.

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