Tatneft: Results of Independent Reserve Audit
Based on the results of independent audit by Miller & Lents, Ltd. as of 1 January 2014 net reserves of Tatneft estimated in accordance with the Petroleum Resources Management System (PRMS) of the Society of Petroleum Engineers (SPE) were:
Reserves Category | Net Reserves | |
Crude and Condensate, MBbls | Gas, MMcf | |
Proved Developed Producing | 3 612 049 | 702 273 |
Proved Developed Nonproducing | 2 287 842 | 446 129 |
Proved Undeveloped | 135 754 | 25 953 |
Total Proved | 6 035 645 | 1 174 355 |
Probable | 2 211 885 | 430 760 |
Possible | 240 417 | 11 149 |
At the current level of production Tatneft is covered by total proved reserves of crude oil and condensate for 32 years.
In 2013 Tatneft carried out a large set of actions relating to enhanced oil recovery using modern technologies, increased volumes and effectiveness of horizontal drilling, expanded multi-stage fracturing jobs, developed its project to produce highly viscous oil at the Ashalchinskoye oilfield.
The company is successful in maintaining current production levels from its core oilfields in Tatarstan while expanding its resource base, including with the reserves of highly viscous oil, evaluating prospective of shale oil reserves.
Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials 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. OAO Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.
