Proved reserves of NOVATEK keep growing

NOVATEK, one of the largest independent natural gas producers in Russia, announced that independent petroleum engineers, DeGolyer & MacNaughton, have completed their comprehensive reserve appraisal of the company’s hydrocarbon reserves as of December 31, 2019. Total SEC proved reserves, including the сompany’s proportionate share in joint ventures, aggregated 16,265 mio barrels of oil equivalent (boe), including 2,234 bln cubic meters (bcm) of natural gas and 193 mio metric tons (mmt) of liquid hydrocarbons. Total proved reserves increased by 3% (excluding 2019 production) as compared to the year-end 2018, representing a reserve replacement rate of 181% for the year, with the addition of 1,065 mio boe, inclusive of 2019 production.

The company significantly increased its exploration activities in 2019 as well as acquired new license areas on the Gydan Peninsula. The inclusion of large geological discoveries in reserves appraised under international reserve standards will contribute significant hydrocarbon resources to successfully implement future NOVATEK’s large-scale LNG projects in the Arctic zone and ensure the maintenance of natural gas production levels into the domestic pipeline network.

Under the PRMS reserves reporting methodology, the company’s total proved plus probable reserves, including its proportionate share in joint ventures, aggregated 28,725 mio boe, including 3,901 bcm of natural gas and 373 mmt of liquid hydrocarbons.

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