LUKoil Consolidated Reserves Grow

LUKoil consolidated reserves were 19.7bn barrels in oil equivalent as of January 1, 2003, which was 2.9bn barrels more than in 2002, the company's press service said in its statement. Proven reserves were $19.3bn barrels in oil equivalent as of January 1, 2003 (16.8bn barrels on January 1, 2002), including 15.3bn barrels of oil and 24.2 trillion cubic feet of natural gas.

The main factors that provided for the increase were the discovery of four new oil and gas fields in the northern part of the Caspian Sea, the purchase of a controlling stake in Nakhodkaneftegaz, the improvement of external and internal economic conditions and some other factors.

The exploratory drilling was 181,000 meters last year. Some 68 exploratory wells were commissioned. 16 oil and gas fields were discovered in 2002.

The press service stressed that the calculations of the reserves had been made in accordance with the requirements of the US SPE.

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