LUKOIL remains among Russian and international leaders by volume of
proved hydrocarbon reserves. The Group’s ratio of proved hydrocarbon reserves to
production is 20 years for oil and 26 years for gas.
Description of the resource base
The Company’s proved reserves of hydrocarbons as of January 1, 2014
were 17.401 billion boe, consisting of 13.461 billion barrels of oil and 23.642
trillion cubic feet of gas.
The greater part of the Company’s proved reserves of oil are in
Western Siberia, Timan-Pechora and the Urals
region. The main part of proved gas reserves are in the Bolshekhetskaya
Depression, Uzbekistan and the Caspian
55% of Company proved reserves are in development (61% of oil reserves and 32% of gas reserves). This reserve
structure reflects large potential of the Company to increase production in the
medium term, particularly production of gas.
Most of the Company’s proved hydrocarbon reserves are
conventional. Only 4.5% of the total represent high-viscosity oil and 5.5% are at
offshore fields. This reserve structure enables the Company to control
development costs in an efficient manner and to bring new fields into production