Russia's Novatek Reports Resource Bump
The proven and probable oil and gas reserves of Russia's Novatek were estimated by DeGolyer & MacNaughton to be 29.32bn barrels of oil equivalent at the end of last year, the company said on January 19, marking a 2% increase from the end of 2019.
The growth in proven reserves was only 0.6% to 16.37bn boe. Novatek has enough proven reserves to satisfy production in 2020 for 27 years without additional exploration, down from 28 the year before.
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Novatek attributed the bump in reserves to exploration work at the Geofizicheskoye, Utrenneye and Nyakhartinskoye fields and production drilling at the Urengoyskoye, East-Tazovskoye, North-Russkoye, Utrenneye and South-Tambeyskoye fields. Recovery rates also increased at the Yurkharovskoye and Yarudeyskoye fields, it said.
The company's gas production also increased 3.6% in 2020 to 77.4bn m3, while its overall hydrocarbon extraction rose by 2.8% to 1.66mn barrels of oil equivalent/day.