LUKOIL Group has proved hydrocarbon reserves in nine countries. The majority of the proved reserves is conventional, providing the Company a significant competitive advantage that ensures lower development and production costs per barrel.
Moreover, LUKOIL is one of the leading international and Russian companies in terms of proved liquid hydrocarbon reserves life and volume.
The Company’s proved hydrocarbon reserves life is 18 years in comparison with the average of 10 years among the world’s largest international oil companies.
Concentrated mainly in West Siberia, 92% of the Group's proved hydrocarbon reserves are located in Russia. 41 percent of LUKOIL's proved reserves outside Russia are located in Uzbekistan, where the Company is developing major gas projects.
60% of the Company's proved hydrocarbon reserves have been classified as developed, in that they can be extracted from existing wells using currently available technologies and equipment.
At the end of 2022, the Group held 587 licenses in Russia, with 90 percent of them granting hydrocarbon exploration and production rights. The average remaining lifespan of these licenses was around 30 years.
The remaining 10 percent of the Company’s licenses grant the right to prospect, explore, and appraise hydrocarbon deposits, with an average remaining lifespan of about two years.
