LUKoil's proven reserves exceed 20 billion barrels of oil equivalent

Wednesday, February 19, 2020

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LUKoil's proven reserves exceed 20 billion barrels of oil equivalent, the company says. The figure was determined by independent audit of its oil and gas reserves as of January 1, 2004, LUKoil spokesmen said. The company thus continues among world leaders: first among Russian oil companies and second only to Exxon worldwide. Its proven reserves of hydrocarbons as of January 1, 2004, were put at 20,056 billion barrels of oil equivalent, including 15,977 billion barrels of oil and 24,473 trillion cubic feet of gas. As compared with proven reserves as of January 1, 2003, proven reserves of hydrocarbons were up 4%, including up 4.7% in oil and 1.3% in gas. In addition, the company recorded 146,000 meters drilled in test wells for 2003, or 21.3% of all such drilling in Russia for the year. The company also reported the discovery of 15 new hydrocarbon sources during the year, as well as 14 new productive sites in older drilling basins. The year past was the fourth in a row in which the company's increase in proven hydrocarbon reserves more than matched its extraction total, its spokesmen said.

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