Oil Gas and Condensate Reserves
During 2012 an independent evaluation of the Group's oil, gas and condensate reserves by Miller and Lents Ltd. Management estimates of remaining oil, gas and condensate reserves have been based on these evaluations after adjusting for subsequent production. As at 31 December 2015, the management estimates of Proved and Probable reserves were 39.8 million barrels of oil equivalent, comprising 14.3 million barrels of oil and condensate and 154 billion cubic feet of natural gas.
The independent assessment of the reserves attributable to the Group's three principal fields, Dobrinskoye, Vostochny Makarovskoye and Uzenskoye, as at 1 August 2012, was prepared in accordance with reserve definitions prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE).
The reserve report attributes Proved and Probable ("2P") reserves of 16.1 million barrels ("mmbbl") of oil and condensate and 167.5 billion cubic feet ("bcf") of gas, a total of 44.0 million barrels of oil equivalent ("mmboe"), to the Company's principal fields.
A summary of the reserves estimated for each field as at 1 August 2012 is in the following table:
|Proved Reserves||Oil & Condensate||Gas||Total|
|Total Proved Reserves||14.800||156.6||40.900|
|Proved plus Probable Reserves||Oil & Condensate||Gas||Total|
|Total Proved plus Probable Reserves||16.104||167.5||44.027|
The full report can be downloaded here.