Lukoil Reports Reserve-Replacement Ratio Over 100%

Russia’s Lukoil reported a reserve-replacement ratio (RRR) over 100%. According to the company, its proved gas reserves as of December 2013 reached 23.6 trillion cubic feet, with a similar trend for oil reserves. 

‘(Hydrocarbon) Proved reserves ... totalled 822 million barrels of oil equivalent,’ reads a note released on Thursday.

Lukoil explains that proven reserves increased for geological exploration, production drilling and acquisitions. 

‘The company’s management expects a considerable increment in proven reserves across the above assets, as progress is made developing the fields making up those assets,’ explained the company.