OAO NOVATEK announced that independent petroleum engineers, DeGolyer & MacNaughton, have completed their comprehensive reserve appraisal of the company’s hydrocarbon reserves as of 31 December 2015.
Total SEC proved reserves, including the company’s proportionate share in joint ventures, aggregated 12,817 million barrels of oil equivalent (boe), including 1,775 billion cubic meters (bcm) of natural gas and 143 million metric tons (mmt) of liquid hydrocarbons. In 2015, NOVATEK increased the proved reserves by 1.4% and recorded a reserve replacement rate of 133%. On an organic basis (excluding the effect of lower share in the SeverEnergia joint venture) the reserve replacement rate amounted to 148%, which is equal to reserves addition of 774 million boe, inclusive of 2015 production.
At year-end 2015, the company’s reserve to production ratio (or R/P ratio) was 25 years.
Under the PRMS reserves reporting methodology, the Company’s total proved plus probable reserves, including the company’s proportionate share in joint ventures, aggregated 23,117 million boe, including 3,152 bcm of natural gas and 298 mmt of liquid hydrocarbons.