Zarubezhneft JSC shows steady increment of reserves year on year
Miller and Lents Ltd. consulting company has successfully completed the international audit of Zarubezhneft’s reserves for 2019.
According to the audit results the 1Р (proved) reserves have increased by 13.7 MM tons of oil up to 74 800 thousand tons of oil which ensured the replenishment of oil production volumes by 140%. The 2P (proved + probable) reserves increment amounted to over 7 MM tons.
The audit has confirmed the high forecasted economic profitability of fields development and the sufficiency of hydrocarbons reserves to comply with the production levels adopted up to 2034.
These indicators have been achieved owing to the high efficiency of exploration wells drilling – the success rate exceeded 80%, as well as owing to the implementation of measures aimed at the base oil production stabilization.
The stable status of the resource base evidences of the balanced assets portfolio of Zarubezhneft Group of Companies comprised of exploration sites and fields allowing consistent investments into exploration activities and commissioning new fields retaining the financial sustainability of the Company.