print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases  Oil Company "LUKOIL" REGISTER LOG IN

Press Releases > Oil Company "LUKOIL"  all about the company

company search
all press releases
all Oil Company "LUKOIL" press releases

Oil Company "LUKOIL"

February 3, 2012

LUKOIL Group proved hydrocarbon reserves by SEC standards total 17.3 billion barrels of oil equivalent

OAO LUKOIL finished an evaluation and independent audit of its oil and gas reserves as they stand on December 31, 2011. The evaluation was performed in accordance with the US Securities and Exchange Commission (SEC) standards until the economic limit of commercial production is reached.

The audit results by Miller and Lents, a US firm, suggest that the Company’s proved hydrocarbon reserves as of December 31, 2011 came to 17.3 billion barrels of oil equivalent, including 13.4 billion barrels of oil and 23.2 trillion cubic feet of gas.

The oil already produced was replenished more than 100% through an increment in proved reserves in 2011. A total of 619 million barrels of oil equivalent was added to the proved reserves due to geological exploration, production drilling and acquisitions, while reinterpretation of previous assessments raised the proved reserves figure by another 197 million barrels of oil equivalent.

Significant progress was achieved in 2011 in the preparation and commissioning of a number of new fields of the Company, which allowed the Group to transfer 170 million barrels of oil equivalent from the contingent resources category to the category of proved reserves. At the same time rapid production drop at the Yuzhno-Khylchuyuskoye field, as compared with earlier forecasts, led to a fall in the proved reserves by 147 million barrels of oil equivalent.

The Company also completed an estimate of the contingent resources according to the PRMS classification. Category 3C contingent resources totaled 10.3 billion barrels of oil equivalent as at December 31, 2011. This estimate for the first time considered the Company’s share (25.1%) in ÎÎÎ Bashneft-Polyus, a joint venture of OAO LUKOIL’s, and OAO ANK Bashneft for the development of the R. Trebs and A.Titov fields.

The Company’s management expects the oil and gas volumes classified as contingent resources to be transferred to the proved reserves category as the commencement dates for those reserves approach, the program to enhance volumes of gas utilization is implemented and more and more state-of-the-art techniques are applied, allowing it to develop the hard-to-recover reserves in a cost effective way.

In summary, in terms of the proved hydrocarbon reserves volume LUKOIL retains its leading positions among the Russian and international companies.
LUKOIL Group Oil and Gas Reserves 

As of December 31, 2011

Oil

Gas

Oil + gas*

 

million barrels

billion cubic feet

million barrels of oil equivalent

Proved reserves

13,403

23,196

17,269

including:

 

 

 

Developed reserves

8,772

9,478

10,352

Undeveloped reserves

4,631

13,718

6,917

Probable reserves

6,669

10,476

8,415

Possible reserves

3,530

2,453

3,939

* Conversion ratio from cubic feet to barrels:

   1 barrel = 6,000 cubic feet
Estimates of Future Cash Flows from LUKOIL Group Reserves Development

As of December 31, 2011, million USD

Proved

Probable

Possible

Future revenue from sales of oil and gas

693,728

326,940

168,166

Future oil and gas production and development costs

460,267

232,928

136,617

Future undiscounted cash flow before income tax*

233,461

94,012

31,549

Discounting (10%)

136,751

74,914

29,017

Discounted cash flow before income tax

96,710

19,098

2,532

* income tax is included in the economics of those projects where the imputation of the tax influences the volume of reserves

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer