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Tuesday, 02 December, 2008, 13:10 GMT | more >>

Lukoil reserves steady in 2006



By Upstream staff 

Russian oil giant Lukoil, 20% owned by US major ConocoPhillips, said today its proven reserves remained flat over 2006, meaning it had managed to fully replace its production.

Russia's largest oil producer said in a statement its oil and gas reserves stood at 20.36 billion barrels of oil equivalent, barely changed from 20.33 billion in 2005.

The figure included 15.93 billion barrels of oil and 26.60 trillion cubic feet of gas, Reuters reported.

"In 2006 the company had a 4.1% growth in proved reserves taking into account production," Lukoil said.

The company's total hydrocarbon production rose 12% in 2006 to 2.18 million boe, while oil production was up 5.7% to 1.91 million bpd.

The audit, based on Society of Petroleum Engineers (SPE) rules, was carried out by Miller and Lents.


Monday, 05 March, 2007, 18:16 GMT  | last updated: Monday, 05 March, 2007, 18:16 GMT

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