Last checked at 7 May 2019 09:53
7 May 2019
Tatneft Group's total proved reserves of crude oil and condensate at year-end 2018 amounted to 6.6 billion barrels or 925 million tonnes
Based on the audit by an independent oil and gas consulting firm Miller & Lents, Ltd. net recoverable oil and gas reserves of Tatneft in accordance with the standards of the Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE-PRMS) as of 31 December 2018, assuming full economic life of the fields, were:
Reserves Category Crude and Condensate Gas
(MBbls) (MMcf)
Proved Developed 3 559 713 1 072 226
Producing
Proved Developed 2 210 123 670 396
Nonproducing
Proved 817 877 226 568
Undeveloped
Total Proved 6 587 713 1 969 190
Probable 2 336 841 649 493
Possible 253 576 16 134
At the end of 2018 total proved reserves of crude and condensate were estimated at 924.9 million tonnes, and of gas at 55.8 billion cubic meters.
In addition to the audit of reserves, net contingent resources in the company's fields were estimated at year-end 2018:
Resources Category Crude and Condensate Gas
(MBbls) (MMcf)
Low Estimate (1С) 732 725 293 657
Best Estimate (2С) 1 031 904 461 411
High Estimates (3С) 1 997 725 2 532 638
Contingent resources are defined by the SPE-PRMS as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects not currently considered to be commercially recoverable due to one or more contingencies.
Forward-looking statements: This press release may contain or rely on statements about future events and expectations that are forward-looking in nature. Any statement that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC TATNEFT assumes no obligations to update the forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting these statements.