Novatek Total Proved Reserves Rose 13% in 2017

Novatek (NVTK.LN) said Tuesday that its total Securities and Exchange Commission-proved reserves, including the company's proportionate share in joint ventures, were 13% higher as of Dec. 31 than a year earlier.

The Russian oil-and-gas company said SEC-proved reserves were 15,120 million barrels of oil equivalent, including 2,098 billion cubic meters of natural gas and 164 million metric tons of liquid hydrocarbons.

At year end, the reserve-to-production ratio stood at 29 years, the company said.

Under the Petroleum Resources Management System reporting methodology, total proved plus probable reserves were 28,471 million barrels of oil equivalent, including 3,879 billion cubic meters of natural gas and 366 million metric tons of liquid hydrocarbons, the company said.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

January 23, 2018 07:16 ET (12:16 GMT)