Lukoil Reduces Proven Hydrocarbon Reserves by 3% in 2024
Lukoil’s proven hydrocarbon reserves decreased by 3% in 2024, totaling 14.689 billion barrels of oil equivalent (boe), according to materials prepared for the company’s upcoming annual shareholders’ meeting.
The company noted that 75% of its proven reserves are liquid hydrocarbons, while 25% are natural gas. Russia accounts for 91% of Lukoil’s total proven reserves. The reserve life across all projects is estimated at 18 years, and for Russian assets alone — 20 years.
Notably, 28% of Lukoil’s international proven reserves are located in Uzbekistan, where the company is implementing several major gas projects.
Despite the overall decline, Lukoil added 362 million boe of proven reserves in 2024 through exploration and development drilling. The largest reserve additions came from assets in Western Siberia, the Caspian Sea, Timan-Pechora, and the Pre-Urals region.
