Imperial Increases Russian Reserves by 229%
Imperial, the energy company, announces an update in its Russian registered reserves, and the results of the five registration applications made to the Russian authorities in November 2007.
The five new registration applications resulted in a 179% increase in Imperial's Russian registered reserves. Three of these applications related to new discoveries where there were previously no Russian registered reserves.
For the calendar year 2007, Imperial's total Russian registered hydrocarbon reserves increased 229% to 372 mmboe.
In 2008, Imperial plans further applications on Imperial's newly discovered fields. Combined with applications to upgrade reserves on existing fields, Imperial anticipates that its Russian registered reserves will achieve parity with its independently audited SPE reserves by the end of 2008 and will continue to grow into the future.
At present Imperial's Russian registered reserves include oil, gas and condensate while SPE reserves only include oil estimates. As previously announced, Imperial has asked the international reserves auditors DeGolyer and MacNaughton to report for the first time, on an SPE basis, on Imperial's gas reserves in selected fields at the same time as updating Imperial's oil reserves, with an expected report publication date of Spring 2008.
The current Russian registered Reserves of 372 mmboe, represents 46% of Imperial's current reported total of 802 mmbbls 2P SPE reserves. These Russian registered reserves have yet to take into account reserves in sections in a number of fields which are to be tested later this year and where Imperial is confident of positive results.
Russian C1 and C2 hydrocarbon reserves in this field grew by 428% from 15.8 mmbbls to 83.7 mmboe. The 2P SPE reserves for that field are currently 101.3 mmbbls.
Russian C1 and C2 hydrocarbon reserves in this field grew by 52% from 58.4 mmbbls to a total of 88.8 mmbbls reflecting increased development. Reported 2P SPE reserves on this field are currently 72.6 mmbbls.
New Russian C1 and C2 hydrocarbon reserves of 58.8 mmboe were awarded at this new discovery from just the Yu-16 section. There were previously no Russian registered reserves. The current 2P SPE reserves for such field are estimated at 127 mmbbls which includes other sections in the field where testing will take place prior to application for further Russian registered reserves.
New Russian C1 and C2 hydrocarbon reserves of 22.3 mmboe were awarded at this new discovery for just the Yu-7 section with other sections still to test. There were previously neither Russian registered reserves nor currently are there any reported 2P SPE reserves.
New Russian C1 and C2 hyrdrocarbon reserves of 23.6mmbbls were awarded at this new discovery for just the Yu-1 section. There were previously no Russian registered reserves at this field and there is currently only a minimal amount of reported 2P SPE reserves ( 3.4 mmbbls).
- OVL's Offer to Acquire Imperial Energy Declared Wholly Unconditional (Dec 31)
- Oil Majors Set to Gain As Smaller Rivals Struggle (Oct 23)
- Sinopec, CNOOC Agree on $1.8B for Angola Asset (Oct 01)