Russia's Lukoil Says Proved Oil Reserves Down to 12.6B Barrels

Reuters

MOSCOW, Feb 9 (Reuters) – Russia's No.2 oil producer Lukoil said on Tuesday its proved oil reserves stood at 12.585 billion barrels as of Dec. 31 2015, down from 13.6 billion barrels in the same period a year earlier due to falling oil prices.

The company said its total proved hydrocarbon reserves evaluated in accordance with US Securities and Exchange Commission (SEC) standards stood at 16.6 billion barrels of oil equivalent, down from 17.59 billion barrels the previous year.

(Reporting by Vladimir Soldatkin; Editing by Jack Stubbs)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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John W. Garrett | Feb. 9, 2016
I have been a LUKoil shareholder for fifteen years. The companys governance, accounting and performance has been excellent. Both accounting and reserve auditing are performed by U.S. firms and there are several highly respected Westerners on the companys Board. Dividends have been increased for 15 years in a row. Vagit Alekperov and his fellow owner-managers own more than 30% of the firms shares and have done a superb job managing the firm.


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