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Oil Gas and Condensate Reserves

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
  (mmbbl) (bcf) (mmboe)
Total Proved Reserves 14.800 156.6 40.900
Uzenskoye 4.925 0.0 4.925
Dobrinskoye 1.927 23.4 5.827
VM 7.948 133.2 30.148

 

Proved plus Probable Reserves Oil & Condensate Gas Total
  (mmbbl) (bcf) (mmboe)
Total Proved plus Probable Reserves 16.104 167.5 44.027
Uzenskoye 5.578 0.0 5.578
Dobrinskoye 1.927 23.4 5.827
VM 8.599 144.1 32.622

 

The full report can be downloaded here.

Gas processing

Gas processing

The gas plant process gas from both the Vostochny Makarovskoye and Dobrinskoye fields