Lukoil fully replaces oil and gas reserves in 2012

The Russian producer, Lukoil has reported the results of an audit showing that the company currently has 17.3 billion bbls of oil equivalent in reserve. This figure is made up of 13.4 billion bbls of oil and 23.5 trillion ft³ of natural gas.

The company was able to fully replace its hydrocarbon reserves after a year that saw acquisitions and boosted reserve estimates for various fields.

In a bid to escape the trend of declining production from domestic Russian fields, Lukoil has begun to expand its business around the world. Examples of this drive to source oil from abroad are the company’s exploration efforts in West Africa and its involvement in the development of Iraq’s supergiant West Qurna-2 field.

Edited from various sources by David Bizley

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