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.

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