YUKOS
records strong reserve replacement in 2003
Posted: 15 April 2004
YUKOS Oil Company today announced that it replaced 338 per cent
of its production in 2003 and increased its proved oil and gas reserves
to 16.0 billion barrels of oil equivalent on a SPE basis.
On a SEC basis YUKOS replaced 420 per cent of its production and
increased its proved oil and gas reserves to 13.0 billion barrels
of oil equivalent. Crude oil proved reserves life was 25 years on
a SPE and 20 years on a SEC basis as of December 31, 2003.
“YUKOS’ oil and gas reserves continue to be a competitive
advantage for the company and will enable the company to remain
the largest Russian oil producer. YUKOS’ record high capital
expenditures level during 2004 is targeted not only to meet our
90 million tons production target, but also to continue to maintain
a high level of reserves replacement», said YUKOS’ Chairman
and CEO Simon Kukes.
DeGolyer and MacNaughton, YUKOS’ independent petroleum engineering
consultants, completed their appraisals of YUKOS’ oil and
gas reserves as of December 31, 2003 on both a Society of Petroleum
Engineers (SPE) basis, as well as on a U.S. Securities and Exchange
Commission (SEC) basis. Reserve information in this press release
includes reserves recoverable up to as well as beyond the current
license expiration dates as management believes that the licenses
may be extended at the initiative of the company.
Reserves numbers provided in this press-release do not include
reserves of Sibneft Oil Company, a 92 per cent, owned subsidiary
of YUKOS.
On a SPE basis, YUKOS consolidated subsidiaries’ crude oil,
condensate and natural gas liquids net proved reserves were 2.014
billion metric tons (14.709 billion barrels) at the end of 2003
compared to 1.891 billion metric tons (13.734 billion barrels) at
the end of 2002, an increase of approximately 7.1 per cent.
Net proved reserves of gas increased from 220 billion cubic meters
(7.771 trillion cubic feet) at the end of 2002 to 225 billion cubic
meters (7.936 trillion cubic feet) at the end of 2003, an increase
of approximately 2.1 per cent. On a BOE (barrels of oil equivalent)
basis, YUKOS consolidated subsidiaries’ oil and gas net proved
reserves increased from 15.0 billion barrels at year-end 2002 to
16.0 billion barrels at year-end 2003.
Probable reserves of crude oil, condensate and natural gas liquids
of YUKOS consolidated subsidiaries on a SPE basis were 0.979 billion
metric tons (7.221 billion barrels) at the end of 2003 compared
to 1.138 billion metric tons (8.263 billion barrels) at the end
of 2002. The decrease in probable reserves is attributable to probable
reserves moving into the proved category during 2003. Probable reserves
of gas were 461 billion cubic meters (16.288 trillion cubic feet)
at the end of 2003 compared to 250 billion cubic meters (8.840 trillion
cubic feet) at the end of 2002. Possible reserves of crude oil,
condensate and natural gas liquids on a SPE basis were 1.080 billion
metric tons (8.031 billion barrels) at the end of 2003 compared
to 0.910 billion metric tons (6.265 billion barrels) at the end
of 2002. Possible reserves of gas were 641 billion cubic meters
(22.639 trillion cubic feet) at the end of 2003 compared to 374
billion cubic meters (11.577 trillion cubic feet) at the end of
2002.
On a SEC basis, YUKOS consolidated subsidiaries’ crude oil,
condensate and natural gas liquids net proved reserves were 1.620
billion metric tons (11.833 billion barrels) at the end of 2003
compared to 1.438 billion metric tons (10.453 billion barrels) at
the end of 2002, an increase of approximately 13.2 per cent.
Net proved reserves of gas increased from 130 billion cubic meters
(4.579 trillion cubic feet) at the end of 2002 to 197 billion cubic
meters (6.966 trillion cubic feet) at the end of 2003, an increase
of approximately 52.1 per cent. On a BOE (barrels of oil equivalent)
basis, YUKOS consolidated subsidiaries’ oil and gas net proved
reserves increased from 11.2 billion barrels at year-end 2002 to
13.0 billion barrels at year-end 2003.
For more information see www.yukos.com
Posted by Richard Price,
Editor Pipeline Magazine
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