Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Novatek Saw 32% Increase in Reserves during 2012

change text size

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!
Email news@rigzone.com

WHAT DO YOU THINK?

Post 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.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petronas Carigali Activates Topside Ma... (Oct 1)
 -  ExxonMobil Extends OSV Charters with A... (Sep 30)
 -  Petronas Inks Agreements with Pemex, Y... (Sep 29)
 -  Tanjung Offshore Bags $61.5M EPIC Cont... (Sep 26)
 -  SapuraKencana Posts 2Q FY15 Net Profit... (Sep 25)
Most Popular Articles
From the Career Center
Jobs that may interest you
Senior Financial Analyst Job
Expertise: Accounting or Finance
Location: Houston, TX
 
Business Development Manager - Asset Integrity
Expertise: Business Development
Location: Houston, TX
 
Business Development Manager - Asset Integrity
Expertise: Business Development
Location: Pittsburgh, PA
 
search for more jobs