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In terms of proved hydrocarbon reserves LUKOIL is one of the leaders among the Russian and international companies. The Company has proved hydrocarbon reserves sufficient for 19 years of current production operations.

The LUKOIL Group possesses a well diversified asset portfolio located both in Russia and abroad. West Siberia and the Bolshekhetskaya Depression account for more than a half of the proved hydrocarbon reserves; international projects account for 120/o. 590/o of all the Group's proved reserves are classified as "drilled out" (of which 660/о are oil reserves and 340/o are gas reserves).

Proved reserves are shown according to the data audited by Miller and Lents in compliance with SEC standards.

Most of the Group's proved reserves are conventional. High-viscosity oil accounts for as few as 4.7% of the Group's proved hydrocarbon reserves (3.4% of 3P reserves), while offshore reserves represent 5.5% of the proved reserves (7.5% of 3P reserves).

This structure enables the Group to efficiently control its development costs and promptly commission new fields.

Being in possession of a huge resource potential, LUKOIL makes every effort to capture it and convert it into proved reserves for further development. Exploration operations and related discoveries, as well as production drilling increased the Company's proved reserves to 546 million boe. This compensated 620/о of commercial hydrocarbon production.

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