Lukoil Proved Reserves Stand at 17.3B Barrels

Russia's Lukoil announced Wednesday that an audit has shown its proved hydrocarbon reserves at the end of 2012 stood at 17.3 billion barrels of oil equivalent (boe), which included 13.4 billion barrels of oil and 23.5 trillion cubic feet of gas.

Lukoil said that its replacement of production by proved reserves during the year exceeded 100 percent. Proved reserves were increased due to exploration, production drilling and acquisitions that totaled 703 million boe. Detailed field appraisal in the Northern Caspian and Komi regions were responsible for the greater part of the proved reserves increment, the firm said.

Lukoil added that its probable reserves at the end of 2012 amounted to 7.7 billion boe and possible reserves stood at 4.3 billion boe.

The audit was carried out by US firm Miller and Lents.

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