MOSCOW, January 23. /TASS/. Novatek increased hydrocarbon reserves in 2022 according to SEC standards by 7.1%, by the end of the year they reached 17.571 bln barrels of oil equivalent (boe), the company said on Monday.

"Total SEC proved reserves, including the Company’s proportionate share in joint ventures, aggregated 17,571 million barrels of oil equivalent (boe), including 2,431 billion cubic meters (bcm) of natural gas and 194 million metric tons (mmt) of liquid hydrocarbons. Total proved reserves increased by 7.1% as compared to year-end 2021, representing a reserve replacement ratio* of 282% for the year," the company said.

According to the report, "The Company’s reserves were positively impacted by successful exploration at the Gydanskoye, South-Tambeyskoye, Verkhnetiuteyskoye, and the North-Chaselskoye fields, production drilling at the Utrenneye, South-Tambeyskoye, North-Russkoye fields and the Urengoyskoye field within Samburgskiy, Yevo-Yakhinskiy, Ust-Yamsoveyskiy, Olimpiyskiy license areas, acquisition of new licenses in auctions (the Arkticheskoye and the Neytinskoye fields), and the increase of ownership stake in Terneftegas to 100%."

Novatek total proved plus probable reserves under the PRMS reserves reporting methodology increased by 2.6% to 29.726 bln boe.