NOVATEK: 2020 Reserve Replacement Reached 117%

PAO NOVATEK today announced that independent petroleum engineers, DeGolyer & MacNaughton, have completed their comprehensive reserve appraisal of the Company’s hydrocarbon reserves as of 31 December 2020.

Total SEC proved reserves, including the Company’s proportionate share in joint ventures, aggregated 16,366 million barrels of oil equivalent (boe), including 2,244 billion cubic meters (bcm) of natural gas and 197 million metric tons (mmt) of liquid hydrocarbons. Total proved reserves increased by 0.6% (excluding 2020 production) as compared to the year-end 2019, representing a reserve replacement rate of 117% for the year, with the addition of 710 million boe, inclusive of 2020 production.