Russian independent gas producer Novatek reported Thursday strong growth in its proved reserves. Independent petroleum engineers DeGolyer & MacNaughton estimated that Novatek's proved reserves increased by 32 percent last year to 12.4 million barrels of oil equivalent.
Novatek added 3.4 billion barrels of oil equivalent of proved reserves, inclusive of 2012 production, and recorded a more than eightfold (842 percent) reserve replacement rate, it said. Total proved reserves of natural gas increased to 62.1 trillion cubic feet.
The company said that the increase in its reserves was due to successful exploration at its fields, production drilling, the inclusion of the Salmanovskoye and Geofizicheskoye fields that it acquired in 2011 into the reserve appraisal and the acquisition of a 49-percent stake in Nortgas (the holder of the license for the North Urengoyskoye field).
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you