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Exploration

        Geological exploration in depth:


2011 Annual Report

Adobe PDF version (8.80 MB)

 

Geological exploration work by companies of LUKOIL Group in 12 countries around the world is focused on replacement of production with new commercial reserves of hydrocarbons, and preparation of reserves for rapid launch and expansion of production in promising regions, both in Russia and abroad. The Company uses the latest technologies in order to maximize efficiency of its geological exploration work.


The largest part of geological exploration work to discover oil and gas was in districts of Western Siberia, the Timan-Pechora oil and gas province, Perm Territory, the Volga, Astrakhan Regions, the offshore Caspian and as part of foreign projects. Geological exploration work in other regions was focused on preparation and reconnaissance of prospective new geological targets and additional exploration at fields, which were discovered earlier.


The Company carried out a substantial amount of 2D seismic work in 2011 to locate and detail geological structures and to prepare for drilling of prospecting and exploration wells, shooting a total of 6,061 km of 2D profiles. Volumes of 3D seismic were 4,312 km2. Quality of our seismic work and speed of processing and interpretation have improved in recent years, particularly due to application of new computer technologies. High standards of the Group’s seismic work are demonstrated by success rates of about 70% in prospecting and exploration drilling.


LUKOIL completed 246.5 km of electrical exploration in 2011. Vertical seismic profiling, which enables detailing of geological structure around an existing well, was carried out at 15 wells. Total exploration drilling in 2011 amounted to 159,000 m, and efficiency was at a high level of 1,076 tonnes of conditional fuel per meter. A total of 48 prospecting and exploration wells were completed in 2011, of which 33 were productive.


Group companies discovered 6 fields in 2011 (Vostochno-Lambeishorskoye in the Komi Republic, Nikulinskoye in Perm Territory, Yuzhno-Eityanskoye in Western Siberia, Yuzhno-Stanovoye and Yurevskoye in Volgograd Region, and Independance in Cote d’Ivoire), as well as 20 new deposits at fields that are already in development.


Increase of proved reserves under SEC classification through geological exploration and additional information obtained in the course of production drilling amounted to 612 million boe. Organic growth of proved oil reserves was 516 million barrels (99% of the total growth) and 4 million barrels at the international projects (1%). Gas reserve growth in Russia amounted to 310 billion cubic feet (56% of the total gas growth) and 240 billion cubic feet in the international projects (44%). Spending by LUKOIL Group on geological exploration work in 2011 was $873 million including share in equity affiliates.


Russia


Total 121,000 meters of exploration drilling was carried out in Russia during 2011, 2D seismic exploration was 5,463 km and 3D seismic was 4,309 km2. Spending on geological exploration in Russia was $366 million.


International Projects


The main task of geological exploration by the Company outside Russia is to prepare the resource base for rapid launch of production. Exploration drilling in international projects with LUKOIL participation was 37,855 meters in 2011. 2D seismic work in international projects in 2011 totaled 598 km and 3D work was 3.98 km2. Spending on geological exploration outside Russia was $507 million.


LUKOIL was involved in geological exploration drilling in 11 countries outside Russia by the end of 2011: Kazakhstan, Saudi Arabia, Egypt, Uzbekistan, Romania, Vietnam, Colombia, Venezuela, Cote d’Ivoire, Ghana and Sierra Leone. A total of 11 wells were completed during 2011 as part of these projects, of which three were productive.



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