The Company’s key strategic goal is to increase its production potential, and thus improve the quality and quantity of its resources. Exploration is one of the key tools to achieve this goal. LUKOIL constantly increases the scope of its exploration activities and continues to apply its efforts aimed at performance improvement in this field. Over the last 2 years about RUB 114 billion has been spent on exploration, and the proved reserves increment as a result of exploration and development came to 1.4 billion boe.
The most part of the Company’s exploration activities is concentrated in the Timan-Pechora oil and gas bearing province, Western Siberia, and Volga region (including Caspian offshore activities). The year of 2015 saw 18 field discoveries (17 oil fields and one gas field), which is a record — high figure for the last 15 years. In addition, 54 new deposits were discovered at the existing fields in 2015, which also is a 15 — year record.
Year 2015 saw the increase in the scope of 2D seismic surveys by 60.40/о up to 9,984 th. m due to new prospecting activities at the blocks in Western Siberia, Komi Republic (Timan-Pechora), and Perm Oblast (The Urals Region). The scope of vertical seismic profiling (VSP) increased by 22.90/o. In 2015, VSP was done in 43 wells. Exploratory drilling saw a 28.7% decrease in 2015 to make up 191 th. m.
The region’s increment in proved reserves made up 29 mln BOE in 2015. Construction of 34 prospecting wells was completed, of which 28 are productive, the success rate of the exploratory drilling came to 82%.
The organic reserve increment reached 59 mln BOE. Construction of 6 prospecting wells was completed, all of them being productive. Eleven new petroleum accumulations were discovered.
The region’s increment in proved reserves made 211 mln BOE in 2015. Construction of 12 prospecting wells was completed, the success rate of the exploratory drilling came to 83%. Eastern-Tedinskoye field was discovered.
The Baltic Sea
The offshore prospecting activities in the Baltic Sea resulted in 3 oil field discoveries — D41, D33, D6-southern. Construction of 2 prospecting wells was completed, all of them being productive. Currently the Company is planning to elaborate a Concept for Exploration and Development of the Baltic Shelf.
Most exploratory drilling activities as part of international projects were carried out in Romania, Nigeria, Norway, Uzbekistan and Iraq. Construction of an offshore wildcat was completed in the Black Sea in Romania. A gas field was discovered. Seismic data suggest that the field area may be up to 39 km2. This well’s success helped mitigate the risks inherent to further exploration of a number of promising exploration targets with significant resource potential. Drilling of a 5,354m deep well was completed at OML-140 block in Nigeria, which resulted in a discovery of petroleum accumulations.