NOVATEK increased its hydrocarbon reserves. Extractive fields of Yamal helped

NOVATEK announced about completion of assessment of its hydrocarbon reserves on the state on the 31st of December of 2018 conducted by DeGolyer & MacNaughton. Thus, proven hydrocarbon reserves, according to SEC standards (including the share in reserves of joint ventures), made 15789 million barrels of oil equivalent, including 2177 milliard cubic meters of gas and 181 million tonnes of liquid hydrocarbons.

In comparison to the end of 2017, hydrocarbon reserves increased by 4%, and the recovery rate made 222%, what corresponds to increase in reserves of 1218 million barrels of oil equivalent, including extraction. This information was given to the news agency “Sever-Press” in the press service of “NOVATEK”.

The successful results of geological exploration in Utrenneye, Urengoyskoye (Samburgskoye license area) and Yarudeyskoye fields, of exploitation drilling in the South-Tambey, Severo-Russkoye and Yaro-Yakhinskoye fields influenced on dynamics of reserves in 2018. In addition, acquisition of new assets — Beregovoye field and the Ust-Yamsoveyskoye license area played the role.

The company significantly increased the amount of geological exploration in 2018, as well as acquired new license areas on the Yamal and Gydan peninsulas. As a result, the world’s largest hydrocarbon fields were discovered in 2018. In spite of the fact that these discoveries were not included in reserves on international standards of NOVATEK for the end of 2018, they will allow the company to build resource base for future large LNG projects in the Arctic.

Proven and probable reserves of hydrocarbons according to PRMS standards (including the share in reserves of joint ventures) made 29619 million barrels of oil equivalent, including 4021 milliard cubic meters of gas and 387 million tonnes of liquid hydrocarbons.