LukOil Adds 464 Million Barrels of Oil to Proved Reserves
February 16 2021 - 9:19AM
Dow Jones News
By Adriano Marchese
LukOil PJSC said Tuesday that it has added 464 million barrels
of oil equivalent to its proved reserves as a result of exploration
and production drilling conducted in 2020.
The Russian oil company said its proved hydrocarbon reserves
totaled 15.4 billion barrels of oil equivalent, of which 76% stood
for liquids.
LukOil said the largest contribution was made by the assets in
West Siberia, Ural region, Timan-Pechora and the Russian sector of
the Caspian Sea.
At its existing fields, optimization of development systems and
well-work programs, and conversion of contingent resources to
reserves added 258 million barrels of oil to the proved
reserves.
However, reserves dynamics was negatively affected by a 34%
decrease in annual average oil price used for the reserves
estimates.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 16, 2021 09:04 ET (14:04 GMT)
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