Company Announcements

Reserves Report

Source: RNS
RNS Number : 2693M
PJSC Tatneft
07 May 2020
 

7 May 2020

 

Tatneft Group's total proved reserves of crude oil and condensate at year-end 2019 amounted to 6.7 billion barrels or 940 million tonnes

 

Based on the audit by an independent oil and gas consulting firm Miller & Lents, Ltd. net recoverable oil and gas reserves of Tatneft in accordance with the standards of the Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE-PRMS) as of 31 December 2019, assuming full economic life of the fields and constant prices, were:

 

Reserves Category                  Crude and Condensate           Gas

                                                (MBbls)                                  (MMcf)

 

Proved Developed                  3 210 953                                1 185 745

Producing

 

Proved Developed                  2 450 704                                919 100

Nonproducing

 

Proved                                     1 017 758                                372 471

Undeveloped

 

Total Proved                           6 679 415                                2 477 316

 

Probable                                  2 312 215                                780 664

 

Possible                                   238 733                                   10 729

 

At the end of 2019 total proved reserves of crude and condensate were estimated at 940.3 million tonnes, and of gas at 70.15 billion cubic meters.

 

In addition to the audit of reserves, net contingent resources in the company's fields were estimated at year-end 2019:

 

Resources Category                Crude and Condensate           Gas

                                                (MBbls)                                  (MMcf)

 

Low Estimate (1С)                 534 047                                   261 190

 

Best Estimate (2С)                  811 365                                   442 539

 

High Estimates (3С)               1 725 775                                2 145 852

 

Contingent resources are defined by the SPE-PRMS as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects not currently considered to be commercially recoverable due to one or more contingencies.

 

This press release contains inside information.

 

Forward-looking statements: This press release may contain or rely on statements about future events and expectations that are forward-looking in nature. Any statement that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC TATNEFT assumes no obligations to update the forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting these statements.

 


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