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Reserves

LUKOIL Group has proved hydrocarbon reserves in six countries. The majority of the proved reserves is conventional, providing the Company a significant competitive advantage that ensures lower development and production costs per barrel.

As of the end of 2017, the Company’s reserves life was 19 years in comparison with the average of 12 years among the world’s largest international oil companies. LUKOIL is one of the leading international and Russian companies in terms of proved reserves life and quality.

Offshore fields and high-viscosity oil account for approximately 11% of the proved reserves. About half of LUKOIL’s international proved reserves is in Uzbekistan, where the Company actively develops its gas projects.

Around 60% of the Company’s proved hydrocarbon reserves have been classified as developed, in that they can be extracted from the existing wells using currently available technology and equipment.

LUKOIL’s 13.7 billion boe in contingent resources provide the potential for increasing its proved reserves as the macroeconomic environment improves, development plans evolve, costs are optimized, new technologies are introduced, and pilot works are carried out.