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.
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