Russia's biggest independent oil producer, OAO Lukoil Holdings (LKOH.RS), said Friday it added less hydrocarbons to its reserves than it produced in 2009, posting a reserve replacement rate of 95%.
Lukoil's proved reserves totaled 17.5 billion barrels of oil equivalent as of Jan. 1, which include 13.7 billion barrels of oil and 22.85 billion cubic feet of gas, in accordance with the U.S. Securities and Exchange Commission standards.
The company said that in accordance with SEC rules, it had transferred 1.8 billion barrels of oil equivalent from the category of proved reserves into lower reserve categories. The transfer happened due to changes in Lukoil's field development plans under a new 10-year strategy approved late last year.
"The company expects that these volumes will be returned into the proved reserves category as their development start-date draws nearer or some new technologies are applied," Lukoil said in a statement.
International oil-and-gas consulting firm Miller and Lents estimated Lukoil's probable and possible reserves at 9.82 billion barrels of oil equivalent and 5.05 billion barrels of oil equivalent, respectively.