Lukoil Increases Proven Reserves

Lukoil Increases Proven ReservesLukoil Increases Proven Reserves

Lukoil, Russia's largest private oil producer, said on Friday it had increased its proven hydrocarbon reserves last year by 1 percent to 17.6 billion barrels of oil equivalent. The reserves includes 13.6 billion of oil and 23.9 trillion cubic meters of natural gas. The company's replacement of production by proven reserves last year stood at 121 percent, Reuters reported.