February 16, 2018 / 1:27 PM / 2 years ago

Russia's Lukoil says reserves grew by 501 mln boe in 2017

MOSCOW, Feb 16 (Reuters) - Russia’s No.2 oil producer Lukoil said on Friday it added 501 million barrels of oil equivalent (boe) to its proved reserves in 2017, with its West Siberian production region responsible for most of the increase.

The company’s contingent resources amounted to 13.7 billion barrels of oil equivalent as of Dec. 31, 2017, the company said, with proved oil reserves at 12.08 billion barrels.

In terms of its proved hydrocarbon reserves, Lukoil reported 16 billion barrels of oil equivalent.

The rise in reserves is in large part due to its West Siberia projects, which added 198 million barrels, and also to the ‍further development of Russian offshore fields in the Caspian Sea, which added another 100 million barrels. (Writing by Polina Ivanova; Editing by Edmund Blair)

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