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Reserves

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

As of 31 December 2022 total SEC proved reserves, including the Company’s proportionate share in joint ventures, aggregated 17,571 million barrels of oil equivalent (boe), including 2,431 billion cubic meters (bcm) of natural gas and 194 million metric tons (mmt) of liquid hydrocarbons. Total proved reserves increased by 7.1% as compared to year-end 2021, representing a reserve replacement ratio* of 282% for the year.

In 2022, the Company continued its systemic efforts to commence production of new reserves, boosting the share of proved developed reserves by 6% to further monetize its resource base.

NOVATEK carries on with its active exploration in the Gydan and Yamal peninsulas, which will contribute to future growth of proved reserves under the international standards.

The Company’s reserves were positively impacted by successful exploration at the Gydanskoye, South-Tambeyskoye, Verkhnetiuteyskoye, and the North-Chaselskoye fields, production drilling at the Utrenneye, South-Tambeyskoye, North-Russkoye fields and the Urengoyskoye field within Samburgskiy, Yevo-Yakhinskiy, Ust-Yamsoveyskiy, Olimpiyskiy license areas, acquisition of new licenses in auctions (the Arkticheskoye and the Neytinskoye fields), and the increase of ownership stake in Terneftegas to 100%.

Compared to the end of 2021, NOVATEK’s total proved plus probable reserves under the PRMS reserves reporting methodology, including the Company’s proportionate share in joint ventures, increased by 2.6% and aggregated 29,726 million boe, including 4,069 bcm of natural gas and 359 mmt of liquid hydrocarbons.

 
Natural gas reserves, bcm
  Proved Proved plus
Probable
  SEC PRMS
2022 2,431 4,069
2021 2,261 3,948
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
2022 194 359
2021 189 363
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
2022 17,571 29,726
2021 16,409 28,970
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