Reserves

NOVATEK ranks amongst the top 3 companies globally in terms of proven natural gas reserves.

Total SEC proved reserves as of 31 December 2017, including the Company’s proportionate share in joint ventures, aggregated 15,120 million barrels of oil equivalent (boe), including 2,098 billion cubic meters (bcm) of natural gas and 164 million metric tons (mmt) of liquid hydrocarbons. Total proved reserves increased by 12.8% compared to the year-end 2016, representing a reserve replacement rate of 435% for the year.

The Company’s reserves were positively impacted by successful exploration works at the Utrennee, Kharbeyskoye, West-Yurkharovskoye and Urengoyskoye (Samburgskiy license area) fields, production drilling at the South-Tambeyskoye field, as well as the new licenses obtained through tender auctions (Gydanskoye, Verhnetiuteyskoye and West-Seyakhinskoye fields) and recent asset acquisitions (South-Khadyryakhinskoye,  Syskonsynyinskoye fields and West-Yaroyakhinskiy license area). Excluding the effect of obtaining new licenses, our total proved reserves increased by 1.3%, representing an organic reserve replacement rate of 134%.

At year-end 2017, the Company’s reserve to production ratio (or R/P ratio) was 29 years.

Under the PRMS reserves reporting methodology, the Company’s total proved plus probable reserves, including the Company’s proportionate share in joint ventures, aggregated 28,471 million boe, including 3,879 bcm of natural gas and 366 mmt of liquid hydrocarbons.

 

Natural gas reserves, bcm

 20172016201520142013201220112010
ProvedSEC2,0981,8481,7751,7511,7401,7581,3211,144
Proved plus
Probable
PRMS3,8793,2183,1523,1313,1253,1062,1081,840

 

 

 

 

Liquids reserves, mmt 

 20172016201520142013201220112010
ProvedSEC1641541431401341069173
Proved plus
Probable
PRMS366322298310314247199166

 

 

 

 

 Total reserves, mmboe 

 20172016201520142013201220112010
ProvedSEC15,12013,40212,817

12,643

12,53712,3949,3938,088
Proved plus
Probable
PRMS28,47123,46923,11723,06923,08522,35515,40913,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

***

Information presents expected results of PAO NOVATEK operations in 2017. The information represents preliminary assessment only, which can be adjusted after statistical, financial, fiscal and business reporting becomes available. The information on PAO NOVATEK’s operational results in this press release depends on many external factors and therefore, provided all permanent obligations imposed by the London Stock Exchange listing rules are unconditionally observed, cannot qualify for accuracy and completeness and should not be regarded as an invitation for investment. Therefore, the results and indicators actually achieved may significantly differ from any declared or forecasted results in 2017. PAO NOVATEK assumes no obligation (and expressly declares that it has no such obligation) to update or change any declarations concerning any future results, due to new information obtained, any future events or for any other reasons.