Total SEC proved reserves as of 31 December 2018, including the Company’s proportionate share in joint ventures, aggregated 15,789 million barrels of oil equivalent (boe), including 2,177 billion cubic meters (bcm) of natural gas and 181 million metric tons (mmt) of liquid hydrocarbons. Total proved reserves increased by 4% compared to the year-end 2017, representing a reserve replacement rate of 222% for the year, addition of 1,218 million boe, inclusive of 2018 production.
The Company’s reserves were positively impacted by successful exploration works at the Utrenneye, Urengoyskoye (Samburgskiy license area) and Yarudeyskoye fields, production drilling at the South-Tambeyskoye, North-Russkoye and Yaro-Yakhinskoye fields, as well as new assets acquisitions (Beregovoye field and Ust-Yamsoveyskiy license area).
The Company significantly increased its exploration activities over the past year with the acquisition of new license areas on the Yamal and Gydan peninsulas. Although the results of these activities are not reflected in the current year reserves, the findings represent some of the largest exploration successes in 2018, supporting the Company’s future plans to build a substantial LNG platform in the Arctic region of Russia.
Under the PRMS reserves reporting methodology, the Company’s total proved plus probable reserves, including the Company’s proportionate share in joint ventures, aggregated 29,619 million boe, including 4,021 bcm of natural gas and 387 mmt of liquid hydrocarbons.