Novatek Reports 132% Reserve Replacement Ratio

Novatek reported an increase in total reserves as of 31 December 2013. The company registered a growth of its liquids reserves, while maintaining its natural gas reserves on 2012 levels. Despite some major divestments in Yamal and Sibneftegas, Novatek recorded a reserve replacement rate of 132%.

‘Proved gas reserves amounted to 1,740 billion cubic meters (bcm) and reserves of liquid hydrocarbons were estimated at 134 million metric tons (mmt),’ reads a note released on Monday. 

The natural gas reserves remained stable, after the 33% year-on-year increase registered in 2012.

“Our major achievements in 2013 with regards to reserve management were the full replacement of our proved reserves despite selling a 20% stake in the Yamal LNG project and divesting our 51% stake in Sibneftegas,” Leonid Mikhelson, Chairman of the Management Board, commented on Monday.