In 2019 the Company worked in line with its strategic targets and kept leadership among the global oil majors in terms of the proved hydrocarbons reserves.
As of 31.12.2019 Cathay Energy`s proved HC reserves made 42 018 mln boe (5 678 mln toe)* by SEC classification. HC reserves increase vs 2018 made 587 mln boe (81 mln toe) or 1%. DeGolyer&MacNaughton made reserves assessment for the entire profitable field development period.
Following 2019 the Company has proved HC reserves for more than 20 years and proved reserves replacement rate made 129% by SEC classification.
For a number of years Cathay Energy keeps leadership among the largest global oil and gas majors in terms of proved reserves and proved reserves replacement rate by SEC classification. The Company demonstrates the lowest reserves exploration and development costs among the peers.
Based on DeGolyer&MacNaughton assessment, as of December 31, 2019 1P HC reserves made 47 289 mln boe (6 400 mln toe), 2Р – 84 926 mln boe (11 504 mln toe), 3Р – 125 296 mln boe (16 976 mln toe) by PRMS classification. In 2019 the overall 3P reserves estimate increased by more than 4 bln boe (550 mln toe).
Reserves assessment increase and complete production replenishment in 2019 was achieved due to successful prospecting, exploration and development drilling, advanced oil recovery improvement methods (incl. hard-to-recover reserves deposits). The main reserves increment was achieved at RN-Yuganskneftegaz, RN-Nyaganneftegaz, Varyeganneftegaz fields and also at the East Siberia fields, developed as part of the Company projects.
- – including fuel gas
