Lukoil reports yearend proved reserves at 16.6 billion boe

PJSC Lukoil reported yearend 2015 proved hydrocarbon reserves of 16.558 billion boe, including 12.585 billion bbl of oil and 23.838 tcf of gas.

Lukoil’s web site indicates yearend 2014 proved hydrocarbon reserves totaled 17.6 billion boe, including 13.594 billion bbl of oil and 23.946 tcf of gas.

The 2015 evaluation by Miller & Lents Ltd. came as raw material markets “had deteriorated drastically” with the Urals oil price at $52.80/bbl compared with $100.10/bbl a year earlier. Reserves were estimated based on an average of oil prices on the first day of each month.

Lukoil said the oil price decline affected the economic feasibility for development of some reserves. As a result, 644 million boe of proved reserves were transferred to lower categories. Those categories include probable reserves and possible reserves.

The proved reserves category includes developed reserves and undeveloped reserves. Of the 16.558 billion boe of proved reserves at yearend 2015, some 9.71 billion were developed and 6.848 billion were undeveloped.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...