Russia's Lukoil says it fully replaced reserves in 2013

Lukoil-Inks-PSC-for-Offshore-Block-in-Ivory-Coast06 February 2014, Moscow – Russia’s No.2 oil producer Lukoil fully replaced its hydrocarbon reserves last year, meaning its newly found reserves outstripped production volumes, the company said on Thursday.

Lukoil said its proved hydrocarbon reserves, calculated under Securities and Exchange Commission (SEC) standards, stood at 17.4 billion barrels of oil equivalent, including 13.5 billion barrels of oil and 23.6 trillion cubic feet of gas, as of Dec. 31, 2013.

– Reuters

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