Russia's biggest independent oil producer, OAO Lukoil (LKOH.RS), Friday said its proved hydrocarbon reserves totaled 19.3 billion barrels of oil equivalent as of Jan. 1, down from 20.4 billion a year ago.
Reserves includes 14.5 billion barrels of oil, down from 15.7 billion from a year ago, and 29.3 trillion cubic feet of natural gas, up from 27.9 trillion cubic feet on the year, the company said.
Lukoil said it had an increment in proved reserves of 875 million barrels of oil equivalent last year, which was 107% of annual production.
Lukoil said the audit, conducted by Miller and Lents, was done in compliance with the SPE-PRMS requirements prepared by the U.S. Society of Petroleum Engineers.
The audit showed Lukoil's probable and possible reserves stood at 11.8 billion barrels of oil equivalent and 5.3 billion barrels of oil equivalent, respectively.