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LUKOIL Group has proved hydrocarbon reserves in six 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.

As of the end of 2020, the Company’s reserves life was 20 years in comparison with the average of 11 years among the world’s largest international oil companies. LUKOIL is one of the leading international and Russian companies in terms of proved reserves life.

Concentrated mainly in West Siberia, 89% of the Group's proved hydrocarbon reserves are located in Russia. 40 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.