LUKoil announced data on its proved reserves, according to an independent audit by US-based Miller and Lents. LUKoil's proved hydrocarbon reserves increased 4 percent in 2003 to 20.056bn barrels of oil equivalent. Its proved oil reserves totaled 15.977bn barrels and its gas reserves totaled 24.473 trillion cubic feet as of January 1, 2004. Its oil reserves grew 4.7 percent compared to January 1,2003, its gas reserves grew 1.3 percent.
LUKoil currently has the second largest reserves in the world after ExxonMobil.