Lukoil planning to replace at least 100% of production with new reserves
MOSCOW. May 19 (Interfax) - Lukoil is planning to replace at least 100% of production with new reserves, the Russian oil giant said in an annual report.
The company has several priorities for geological exploration work in 2014: "prospecting work at the Khazri structure in the Caspian Sea; further exploration work at the Denisovskaya Depression in the Komi Republic; increase of drilling work in Samara and Ulyanovsk Regions; further development work at the Bolshekhetskaya Depression; [and] additional exploration and study of the Imilorsko-Istochny license area."
In 2013, nine fields and 43 hydrocarbon pools were discovered, and organic reserves grew to 634 million barrels of oil equivalent (boe). "Reserve replacement was 113%, [and] the Company entered a new region: the Norwegian sector of the Barents Sea," Lukoil said.
"Lukoil continued work in 2013 to obtain new licenses for mineral use and to optimize its license portfolio in order to improve the overall quality of its mineral resource base. The company obtained 42 new licenses for mineral use in 2013 as a result of participation in five auctions, and also as a result of discoveries and acquisitions. The new licenses included rights to the Imilorsky area. The total number of licenses owned by Lukoil Group organizations had increased to 468 by the end of 2013. Lukoil also secured the reissue of 57 licenses in 2013 as well as 31 additions to licensing agreements (including extensions), surrendered five licenses and registered 22 additions to licenses for mineral use to extend their period of validity," the report says.
"The biggest field discovery in 2013 was the Rostovitskoye field in Perm Region (Kama-Oil). The company also made rapid progress at its newly acquired asset in Samara Region: five fields were discovered, two of which have already been registered, while the other three will be added to the state register in 2014," Lukoil said.
