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NOVATEK's Proven Hydrocarbon Reserves Rise

NOVATEK's proven hydrocarbon reserves under the U.S. Securities and Exchange Commission standards edged up 6.1 percent in 2008 and amounted to 4.963bn barrels of oil equivalent as of December 31, 2008, RBC reported Monday

Meanwhile, reserves under the Precipitation-Runoff Modeling System (PRMS) increased 5 percent to 5.354bn barrels of oil equivalent. According to the press office of Russia's largest independent gas producer, the evaluation of reserves was conducted by DeGolyer & MacNaughton (D&M).

Meanwhile, proven gas reserves under SEC standards rose 5.7 percent from 653bn cubic meters to 690bn in 2008. The increase can be attributed to the drilling of new wells. At the same time, proven gas reserves under PRMS standards crept up 4.26 percent to 734m cubic meters.

As reported earlier, NOVATEK's gas output went up 8.3 percent to 30.88bn cubic meters in 2008.

Author: Ksenia Kochneva