Novatek Says Proved Reserves Rise 1.2 Percent

Novatek, the developer of Russia’s Yamal LNG project, said that independent petroleum engineers, DeGolyer & MacNaughton, have completed their comprehensive reserve appraisal of the company’s hydrocarbon reserves as of 31 December 2013.

Total SEC proved reserves, including the vompany’s proportionate share in joint ventures, increased by 1.2% as compared to year-end 2012 and aggregated 12,537 million barrels of oil equivalent (boe). Proved gas reserves amounted to 1,740 billion cubic meters (bcm) and reserves of liquid hydrocarbons were estimated at 134 million metric tons (mmt). In 2013, Novatek added 582 million boe of proved reserves under the SEC reserves reporting standards, inclusive of 2013 production, and recorded a reserve replacement rate of 132%. At year-end 2013, the company’s reserve to production ratio (or R/P ratio) was 29 years.

Proved reserves of liquid hydrocarbons increased by 26% as compared to year-end 2012. The ongoing field development at the company’s SeverEnergia joint venture contributed a substantial proportion of this increase, with the successful exploration works at these fields contributing approximately 10 mmt of gas condensate to our overall proved reserves, based on our current ownership in this joint venture.

Under the PRMS reserves reporting methodology, the Company’s total proved plus probable reserves, including the company’s proportionate share in joint ventures, increased by

730 million boe as compared to year-end 2012 and aggregated 23,085 million boe, including 3,125 bcm of natural gas and 314 mmt of liquid hydrocarbons.

Chairman of the Management Board of Novatek, Leonid V. Mikhelson stated “Our major achievements in 2013 with regards to reserve management were the full replacement of our proved reserves despite selling a 20% stake in the Yamal LNG project and divesting our 51% stake in Sibneftegas, as well as increasing the proportional share of liquid hydrocarbons in our reserve base, providing further support to our plans to increase the share of gas condensate and crude oil in our hydrocarbon production mix.

LNG World News Staff, February 10, 2014; Image: Novatek

Share this article

Follow LNG World News

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Nov 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >