The Growth of Reserves of Public Joint Stock Company Surgutneftegas Fully Replaced Its Oil Production in the Year 2024
The growth of recoverable reserves of Public Joint Stock Company Surgutneftegas fully offset its hydrocarbon production in the year 2024, and the company has the same target for 2025, according to Vyacheslav Chirkov, Chief Geologist of the company, who spoke at a meeting of the Board of the Federal Agency for Subsoil Use of the Russian Federation (Rosnedra).
“Surgutneftegas is the leader in exploration and appraisal drilling in the Russian Federation, accounting for approximately 20 percent of the total national volume. In the Khanty-Mansi Autonomous Okrug, the company is responsible for around 50 percent of all geological exploration activities. The annual growth in recoverable reserves of industrial categories, resulting from the company’s exploration and appraisal work, has fully compensated for its current production volumes. This has been the case in previous years, in 2024, and we expect the same for 2025,” said Chirkov.
He emphasized that the resource base of Public Joint Stock Company Surgutneftegas includes 183 licenses for subsoil use.
“The company consistently implements a policy aimed at expanding its resource base through the acquisition of new subsoil plots for the further exploration and appraisal of promising hydrocarbon reserves. In the year 2024, we received three new licenses for geological exploration, appraisal, and extraction of hydrocarbon mineral resources in Western Siberia. We also participated in licensing auctions in the eastern part of the country, but unfortunately, we did not win any of those tenders,” the chief geologist stated.
According to him, in 2024, Surgutneftegas conducted field seismic surveys using the 2D method across approximately 2,000 linear kilometers.
“The total volume of exploration and appraisal drilling in 2024 reached 230,000 meters of rock formations. Of this, 65 percent was exploration drilling, which indicates that we are primarily working at new sites and new geological horizons. We completed the construction of 94 exploration and appraisal wells, 59 of which were exploratory wells,” added Chirkov.
“In the year 2025, we do not intend to reduce the scope of our geological exploration activities. The volume of extraction drilling will remain the same, and the volume of seismic surveys will be even higher. All design work is carried out by our in-house design institute,” Chirkov emphasized.
