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
 -  What Should Go On Your Electrical Engi... (Jul 25)
 -  AECOM to Lead Permitting for Monkey Is... (Jul 25)
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
Contracts Administrator
Expertise: Contracts Administration
Location: Anacortes, WA
 
Contract Specialist II
Expertise: Contracts Administration
Location: Midland, TX
 
Logistics Coordinator
Expertise: Customer Service|Logistics Management
Location: Marietta, OH
 
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours