Novatek Increases Total Proved Reserves
Novatek revealed Tuesday that its total proved reserves increased to 12.817 million barrels of oil equivalent in 2015, from 12.643 million barrels of oil equivalent in 2014.
The figure was upgraded following a comprehensive appraisal of Novatek’s hydrocarbon reserves by independent petroleum engineers DeGolyer & MacNaughton. Novatek’s latest proved reserves numbers mark a 1.4 percent rise compared to last year. The company also recorded a reserve replacement rate of 133 percent.
Under the PRMS reserves reporting methodology, Novatek’s total proved plus probable reserves, including the company’s proportionate share in joint ventures, aggregated 23.117 million boe. At year-end 2015, Novatek’s reserve to production ratio was 25 years.
WHAT DO YOU THINK?
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.
- RIA: Moscow, Riyadh Agree To Explore Aramco Taking Part In Novatek Project (Nov 13)
- Russia's Novatek Says Yamal LNG Seen Expanding By 1 Million Tonnes (Oct 17)
- Russia's Novatek Recommends 1H Dividend Of 6.95 rbls Per Share (Aug 25)