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NOVATEK has been able to expand its resource base through geological exploration works at fields and license areas in close proximity to existing transportation and production infrastructure. The Company continues to efficiently develop its reserve base and increase the ultimate level of hydrocarbon recovery at its fields as a result of many years of operational experience in the YNAO and by utilizing state-of-the-art exploration and development technologies.
 
In 2011, NOVATEK achieved significant growth in its reserves due to to organic reserve growth, including development and exploration drilling at the Company’s fields as well as a 29% increase in our stake in the South-Tambeyskoye field.
 
In 2011, on a barrel of oil equivalent basis, NOVATEK recorded a more than four-fold (444%) reserve replacement rate for its appraised fields under the SEC standards, and at year-end 2011, the Company’s reserve to production ratio (or R/P ratio) was 25 years. The Company also recorded a more than four-fold (435%) reserve replacement rate for natural gas while the R/P ratio amounted to approximately 25 years.
 
1.      Yurkharovskoye field
2.      East-Tarkosalinskoye field
3.      Khancheyskoye field
4.      Olimpiyskiy license area
5.      South-Tambeyskoye field     
6.      Termokarstovoye field
7.      West-Yurkharovskoye field
8.      North Khancheyskoye field
9.      Yarudeyskoye field
10.   Raduzhnoye field
11.   New Yurkharovskiy license area
12.   Yumantilskiy license area
13.   Zapadno-Urengoiskiy license area
14.   Severo-Yubileynoye field
15.   Severo-Termokarstoviy license area
16.   Severo-Russkiy license area
17.   Severo-Russkoye field
18.  Sredniy-Chaselskiy license area
19.   Zapadno-Tazovskiy license area
20.   Anomalniy license area
21.   Severo-Yamsoveyskiy license area
22.   Ukrainsko-Yubileynoye field
23.   Pilyalkinskiy license area
24.   Malo-Yamalskoye field
25.   Zapadno-Chaselskoye field
 
26.   Beregovoy lisence area
27.   Pyreinoye field
28.   Khadyryakhinskiy license area
29.   Zapadno-Zapolyarnoye field
30.   Samburgskiy license area
31.   Yevo-Yakhinskiy license area
32.   Yaro-Yakhinskiy license area
33.   Severo-Chaselskiy license area
34.   Salmanovskiy ( Utrenniy) license area
35.   Geofizicheskiy license area
36.   North-Obskiy license area
37. East-Tambeyskiy license area
38. Severo-Tasiyskiy license area
The Company added approximately 1,685 million barrels of oil equivalent (boe) of proved reserves under SEC reserves reporting methodology (SEC standards), inclusive of 2011 production.
 
Under the Petroleum Resources Management System (PRMS) reserves reporting methodology, the Company’s total proved reserves increased by 2,391 million boe, inclusive of 2011 production, and totaled 11,337 million boe, while proved plus probable reserves totaled 15,409 million boe as of 31 December 2011.
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