Oil & Gas Reserves of LUKOIL Group
(January 1,
2012)
|
Reserves
category
|
Oil
million barrels |
Gas
billion cubic feet |
Oil + gas*
million barrels of oil equivalent |
|
Proved reserves |
13,403 |
23,196 |
17,269 |
|
including: |
|
|
|
|
Developed reserves |
8,772 |
9,478 |
10,352 |
|
Undeveloped reserves |
4,631 |
13,718 |
6,917 |
|
Probable reserves |
6,669 |
10,476 |
8,415 |
|
Possible reserves |
3,530 |
2,453 |
3,939 |
* Conversion ratio from cubic feet to barrels:
LUKOIL remains among Russian and international leaders by volumes
of proved hydrocarbon reserves. the Group’s ratio of proved hydrocarbon reserves
to production is 22 years (20 years for oil and 30 years for
gas).
Description of the resource
base
The Company’s 3P reserves of hydrocarbons as of January 1, 2012 were
29.623 billion boe, consisting of 23.602
billion barrels of oil and 36.125
trillion cubic feet of gas.
The greater part of the
Company’s proved reserves of oil are in Western Siberia, the Timan-Pechora oil
and gas province and the Urals region. The main part of proved gas reserves
are in the Bolshekhetskaya Depression (Western Siberia), Uzbekistan and the
Caspian region.
60% of Company proved
reserves are in development (65% of oil reserves and 41% 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 about 4.3% of total
proved hydrocarbon reserves (3.8% of 3P reserves) consist of high-viscosity oil
and 4.7% (6.0% of 3P reserves) 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 rapidly.
