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Slavneft Increased its SEC LOF Audited Oil Reserves

15.02.2013

As of December 31, 2012, Slavneft's audited proven reserves under USA Securities and Exchange Commission's (SEC) LOF (life of field) methodology amounted to 1650.4 million barrels. The Company's proven reserves increased by 8.4 million barrels or 0.5% as compared to 2011.
The Holding's reserves replacement ratio calculated as a ratio of proven recoverable reserves of oil (139.2 million barrels) to 2012 production volume (130.8 million barrels), reached the level of 1.06 in terms of SEC standards.
In 2012, the Company discovered four new oil deposits at the Taylakovskiy, Aganskiy, Zapadno-Ust-Balykskiy and Zapadno-Askominskiy License Areas in Khanty-Mansi Autonomous District-Yugra.
Slavneft's total SEC LOF proven reserves of associated gas increased by 32.3% (79.2 billion cubic feet) vs. the previous year, and amounted to 324.8 billion cubic feet.
Slavneft's 2P (total proven plus probable) oil equivalent reserves under PRMS criteria reached 4714.8 million barrels by December 31, 2012, having decreased by 2.5% (121.5 million barrels) as compared to the previous year.  2P PRMS gas reserves increased by 37.2% (159.6 billion cubic feet) over the reporting period, making 588.4 billion cubic feet.
PRMS oil reserves decrease is caused by decline of exploration and development activities at the fields of the Krasnoyarsk Region.
Associated gas audited reserves increase is underpinned by the plans to increase production of associated gas for commercial use.
In 2012, the independent audit of Slavneft's hydrocarbon reserves was performed by DeGolyer and MacNaughton at 35 fields, including 33 fields situated in Khanty-Mansi Autonomous District-Yugra and 2 fields in Krasnoyarsk Region.

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