Lukoil replaces reserves

Frozen assets: Lukoil field operations in Siberia

Lukoil

News Wires

 06 February 2013 15:48 GMT

Lukoil, Russia's second-largest crude producer, said it had fully replaced oil and gas reserves in 2012 thanks to acquisitions and the upward revision of figures for the Caspian Sea region and Komi Republic.

Like other Russian producers, Lukoil is facing a depletion of reserves and a decline in production at its deposits in West Siberia.

The company said on Wednesday that proven hydrocarbon reserves totalled 17.3 billion barrels of oil equivalent, including 13.4 billion barrels of oil and 23.5 trillion cubic feet of gas as of end-December, almost unchanged from the previous year under the US Securities and Exchange Commission (SEC) system of classification.

Lukoil has been pursuing a strategy of global expansion, given the competition at home from state-controlled energy companies including larger rival Rosneft. The largest shareholders in Lukoil are its president Vagit Alekperov…

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