January 23, 2018 / 11:39 AM / a month ago

BRIEF-Russia's Novatek says 2017 reserves replacement rate at 435 pct

Jan 23 (Reuters) - Russia’s Novatek says:

* Total SEC proven reserves, including the company’s proportionate share in joint ventures, stood at an aggregated 15,120 million barrels of oil equivalent (boe), including 2,098 billion cubic meters (bcm) of natural gas and 164 million metric tonnes (mmt) of liquid hydrocarbons as of Dec. 31 2017;

* Total proven reserves increased by 12.8 percent compared to the year-end 2016, representing a reserve replacement rate of 435 percent for the year;

* Excluding the effect of obtaining new licenses, total proven reserves increased by 1.3 percent, representing an organic reserve replacement rate of 134 percent;

* At year-end 2017, the company’s reserve to production ratio (or R/P ratio) was 29 years;

* Under the PRMS reserves reporting methodology, the company’s total proven plus probable reserves, including the company’s proportionate share in joint ventures, stood at an aggregated 28,471 million boe, including 3,879 bcm of natural gas and 366 mmt of liquid hydrocarbons Source text for Eikon: Further company coverage: (Reporting by Moscow Newsroom)

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