24/04/2018

Press release: Tatneft announces the results of audit of Tatneft Group’s reserves at year-end 2017

Based on the audit by an independent oil and gas consulting firm Miller & Lents, Ltd. net recoverable oil and gas reserves of Tatneft in accordance with the standards of the Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE-PRMS) as of 31 December 2017, assuming full economic life of the fields, were:

 

Reserves Category                 Crude and Condensate          Gas

                                               (MBbls)                                 (MMcf)

Proved Developed                 3 419 727                               788 738

Producing

Proved Developed                 2 186 158                               511 370

Nonproducing

Proved                                    566 117                                  130 482

Undeveloped

Total Proved                           6 172 003                               1 430 590

Probable                                 2 541 263                               589 655

Possible                                  570 093                                  10 246

In addition to the audit of reserves, net contingent resources in the company’s fields were estimated at year-end 2017:

Resources Category               Crude and Condensate          Gas

                                               (MBbls)                                 (MMcf)

Low Estimate (1С)                 795 398                                  189 902

Best Estimate (2С)                 1 046 870                               272 467

High Estimates (3С)               1 972 670                               1 091 410

Contingent resources are defined by the SPE-PRMS as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects not currently considered to be commercially recoverable due to one or more contingencies.

Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.


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