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Reserves

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

As of 31 December 2020, total SEC proved reserves, including the Company’s proportionate share in joint ventures, aggregated 16,366 million barrels of oil equivalent (boe), including 2,244 billion cubic meters (bcm) of natural gas and 197 million metric tons (mmt) of liquid hydrocarbons. Total proved reserves increased by 0.6% (excluding 2020 production) as compared to the year-end 2019, representing a reserve replacement rate of 117% for the year, with the addition of 710 million boe, inclusive of 2020 production.

The Company’s reserves were positively impacted by successful exploration at the Geofizicheskoye, Utrenneye and Nyakhartinskoye fields, production drilling at the Urengoyskoye (Samburgskiy and Yevo-Yakhinskiy license areas), East-Tazovskoye, North-Russkoye, Utrenneye and South-Tambeyskoye fields, and increasing recovery rates at the Yurkharovskoye and Yarudeyskoye fields.

The Trekhbugornoye field was included for the first time to the Company's reserves appraisal under PRMS standards.

The Company continues ongoing exploration activities on the Gydan Peninsula as well as gradual commissioning of new fields.   Both of these activities will contribute to the successful implementation of NOVATEK’s future large-scale LNG projects in the Arctic zone and ensure the maintenance of natural gas production levels into the domestic pipeline network.

Under the PRMS reserves reporting methodology, the Company’s total proved plus probable reserves, including the Company’s proportionate share in joint ventures, aggregated 29,318 million boe, including 3,981 bcm of natural gas and 380 mmt of liquid hydrocarbons.

The proved plus probable reserves replacement rate under the PRMS standards amounted to 198%, with the addition of 1,202 million boe, inclusive of 2020 production.

 

Natural gas reserves, bcm
  Proved Proved plus
Probable
  SEC PRMS
2020 2,244 3,981
2019 2,234 3,901
2018 2,177 4,021
2017 2,098 3,879
2016 1,848 3,218
2015 1,775 3,152
2014 1,751 3,131
2013 1,740 3,125
2012 1,758 3,106
2011 1,321 2,108
2010 1,144 1,840
Liquids reserves, mmt
  Proved Proved plus
Probable
  SEC PRMS
2020 197 380
2019 193 373
2018 181 387
2017 164 366
2016 154 322
2015 143 298
2014 140 310
2013 134 314
2012 106 247
2011 91 199
2010 73 93
Total reserves, mmboe
  Proved Proved plus
Probable
  SEC PRMS
2020 16,366 29,318
2019 16,265 28,725
2018 15,789 29,619
2017 15,120 28,471
2016 13,402 23,769
2015 12,817 23,117
2014 12,643 23,069
2013 12,537 23,085
2012 12,394 22,355
2011 9,393 15,409
2010 8,088 13,386
Natural gas reserves (SEC), bcm
Liquids reserves (SEC), mmt
Total reserves, mmboe