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Reserves

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

As of 31 December 2019, total SEC proved reserves, including the Company’s proportionate share in joint ventures, aggregated 16,265 million barrels of oil equivalent (boe), including 2,234 billion cubic meters (bcm) of natural gas and 193 million metric tons (mmt) of liquid hydrocarbons. Total proved reserves increased by 3% (excluding 2019 production) as compared to the year-end 2018, representing a reserve replacement rate of 181% for the year, with the addition of 1,065 million boe, inclusive of 2019 production.

The organic reserve replacement rate, excluding the effect from acquisitions and disposals, which mainly related to the disposal of 40% participation interest in Arctic LNG 2 project, amounted to 252%, with the addition of 1,487 million boe, inclusive of 2019 production.

The Company’s reserves were positively impacted by successful exploration at the Geofizicheskoye, Utrenneye and Kharbeyskoye fields, production drilling at the Urengoyskoye, East-Urengoyskoye+North-Esetinskoye (Samburgskiy license area),  East-Tazovskoye, North-Russkoye and South-Tambeyskoye fields, as well as the discovery of the Nyakhartinskoye field and new Achimov deposits in the Gydanskiy license area. The Soletsko-Khanaveyskoye field acquired in 2019 was included into our reserves appraisal. The Company's reserves appraisal under PRMS standards also includes the new North-Obskoye field discovered in 2018.

The Company significantly increased its exploration activities in 2019 as well as acquired new license areas on the Gydan Peninsula. The inclusion of large geological discoveries in reserves appraised under international reserve standards will contribute significant hydrocarbon resources to successfully implement future NOVATEK’s 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 28,725 million boe, including 3,901 bcm of natural gas and 373 mmt of liquid hydrocarbons.

The organic proved plus probable reserves replacement rate under the PRMS standards, excluding the effect from acquisitions and disposals, which mainly related to the disposal of 40% participation interest in Arctic LNG 2 project, amounted to 200%, with the addition of 1,177 million boe, inclusive of 2019 production.

Natural gas reserves, bcm
Proved Proved plus
Probable
SEC PRMS
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
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
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