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Gazprom Neft:  Reserves Replacement at 170%

Gazprom Neft: Reserves Replacement at 170%

February 22, 2018

Gazprom Neft:  Reserves Replacement at 170%

Gazprom Neft has completed auditing of the company’s hydrocarbon reserves as at 2017. As at 31 December 2017 the company’s total proved and probable hydrocarbon reserves (proved + probable — 2P based on SPE-PRMS international standards,* including proportional shares in production at joint enterprises**) totalled 2.78 billion tonnes of oil equivalent (toe) — a year-on-year increase of 2.3 percent. Production volumes in 2017, at 89.75 mtoe, were compensated by reserves replacement in the order of 170 percent. The audit was undertaken by independent international consulting company DeGolyer and MacNaughton.

Proved 1P hydrocarbons as at end 2017 are estimated at 1.52 btoe — an increase of 0.6 percent, year-on-year. The reserve replacement ratio for this category of reserves is 110 percent Gazprom Neft’s reserves-to-production ratio in terms of proved hydrocarbon reserves (SPE-PRMS standards) is 17 years. According to SEC standards,*** the company’s total hydrocarbon reserves stand at 1.34 mtoe (an increase of 3.4 percent over 2017).

Drilling of 27 prospecting and exploratory wells was completed in this accounting period, with drilling meterage in 2017 increasing by 41.2 percent (to 94,600 metres). Four new wells and 42 hydrocarbon deposits were discovered last year throughout the group’s licence blocks.

A key positive factor in allowing the company to expand its resources base has been the fine-tuning of technologies in geological prospecting and development drilling, together with the implementation of dynamic ranking for all company options. Gazprom Neft’s new assets — including the TazovskoyeSevero-Samburgskoye and Kamennomysskoye fields — have all made a major contribution to expanding the company’s resource base.

An assessment of prospective resources at Gazprom Neft’s licence blocks on the Arctic Shelf was undertaken for the first time in 2017, with DeGolyer and MacNaughton estimating these at 1.6 billion tonnes of oil and three trillion cubic metres of gas.

Vadim Yakovlev, First Deputy CEO, Gazprom Neft, commented: «Gazprom Neft last year continued its consistent development of its upstream projects, as well as undertaking work on accessing new licence blocks. Major discoveries were confirmed, which have made the company’s resource base still more balanced and high-quality. The company’s priority development vectors continue to include improving quality in the development of new reserves, active work in studying low-permeability strata, and implementing a programme for improving efficiency in production in those regions in which the company has traditionally operated.»

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