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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Japan's NYK Completes Acquisition of 2... (Sep 30)
 -  Keppel FELS Delivers Floatel Triumph, ... (Sep 30)
 -  Falcon Updates on Drilling Ops at Amun... (Sep 30)
 -  NOPSEMA Seeks More Details on BP's Gre... (Sep 29)
 -  WFS Appoints IMEC as Agent in Malaysia... (Sep 29)


Most Popular Articles

From the Career Center
Jobs that may interest you
Contract Transfer Reviewer/ Approver (Land/Lease Contracts)
Expertise: Landman|Lease Analyst
Location: Houston, TX
 
Quality Assurance Manager
Expertise: QA / QC / Inspection|Regulatory Compliance|Reliability Engineer
Location: Philadelphia, PA
 
Engineer II, Production
Expertise: Production Engineering
Location: Pittsburgh, PA
 
search for more jobs

Brent Crude Oil : $49.24/BBL 1.12%
Light Crude Oil : $47.83/BBL 1.65%
Natural Gas : $2.959/MMBtu 0.23%
Updated in last 24 hours