Gazprom Neft: Hydrocarbon Reserves Increased by 36%

In 2020, the total reserves of Gazprom Neft (taking into account the share in joint ventures) of the proved and probable categories increased to 3.9 billion toe. The provision of the company’s production with hydrocarbons has reached 22 years.

Proved reserves (proved, 1P) of Gazprom Neft hydrocarbons according to international PRMS standards * increased to 2.1 billion tonnes of oil equivalent, which is 34% more than last year. According to SEC standards **, the company’s total hydrocarbon reserves exceeded 1.9 billion tons of oil equivalent, an increase of 36% over the year. Proved reserves (according to PRMS standards) production increased from 17 to 22 years. The results were recorded as part of an audit by the independent international consulting company DeGolyer and MacNaughton.

The key contribution to expanding the resource base of Gazprom Neft was provided by the fields developed by the company on the basis of long-term risk operator agreements *** with PJSC Gazprom and its subsidiaries. In 2020, these deposits were considered for the first time during the audit, which led to an increase in the resource base by more than 1 billion tonnes of oil equivalent. e. Taking into account new assets, the production replacement rate in 2020 was 1190%. A significant share of this increase is represented by the Neocomian and Jurassic deposits of the Bovanenkovskoye and Kharasaveyskoye fields.

In 2020, Gazprom Neft discovered 3 fields in the Khanty-Mansi Autonomous Okrug-Yugra and the Orenburg Region. The company received licenses for 18 new areas, including 14 new licenses for geological exploration of the underlying horizons and flank areas of already developed fields in the Yamalo-Nenets Autonomous Okrug and KhMAO-Yugra.

“The greatest contribution to the increase in our resource base was made by the assets that we develop under the terms of risk agreements. Including these are deposits of such large fields as Bovanenkovskoye and Kharasaveyskoye in Yamal. Within the framework of these projects, we are full-fledged investors: we invest and are responsible for development and operation, and we obtain reserves. Recognition of reserves by an international auditor is another milestone in the development of the project and additional confirmation of the correctness of the chosen strategy. Within a few years, these assets will account for a significant portion of our annual production. ”

Vadim Yakovlev Deputy General Director for Exploration and Production, Gazprom Neft

“The portfolio management system that has been created at Gazprom Neft over the past few years has shown its effectiveness in the turbulence of 2020. During the crisis period, we promptly reoriented our activity to less risky projects capable of providing a quick return on investment. The company will just as quickly react to the stabilization of the situation by returning to more complex options. We understand the strategic importance of systematic work with hard-to-recover reserves for the future of the entire industry and will continue to invest in the development of projects for the development of oil rims, the Achimov strata, Paleozoic, Bazhenov and Domanik deposits. “

Yuri Masalkin Director for Geological Exploration and Resource Base Development, Gazprom Neft