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NOVATEK’s 2019 organic reserve replacement reached 252%

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LNG Industry,


PAO NOVATEK has announced that independent petroleum engineers, DeGolyer & MacNaughton, have completed a comprehensive reserve appraisal of the company’s hydrocarbon reserves as of 31 December 2019.

According to the statement, Total SEC proved reserves, including PAO NOVATEK’s proportionate share in joint venture (JVs), aggregated 16,265 million boe, including 2,234 billion m3 of natural gas and 193 million metric t 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.

In addition to this, 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.

PAO NOVATEK claims that its reserves were positively affected 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 last year was included into the company’s reserves appraisal. The reserves appraisal under PRMS standards also includes the new North-Obskoye field discovered in 2018.

In the statement, PAO NOVATEK claims that it significantly increased its exploration activities in 2019, in addition to acquiring 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 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, PAO NOAVATEK’s total proved plus probable reserves, including its proportionate share in JVs, reportedly aggregated 28,725 million boe, including 3,901 billion m3 of natural gas and 373 million metric t 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.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/22012020/novateks-2019-organic-reserve-replacement-reached-252/

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