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NATURAL GAS RESERVES 

As part of its strategy to diversify its assets, Michurinsky Refinery is developing four gas condensate fields of the Saratovsko-Berkutovskoye group located in the south of Bashkortostan: the Podgornovskoye, Saratovskoye, Isimovskoye and Berkutovskoye fields. Currently, the Group is preparing the decision to develop these fields and is designing field facilities and gas transportation infrastructure.

According to Miller and Lents, as of December 31, 2014, possible reserves at the gas condensate fields forming part of the Saratovsko-Berkutovskoye group located in the south of Bashkortostan amounted to 874.8 billion cubic feet (24.8 billion cubic metres) of gas and 7.9 million barrels of condensate (the barrel-tonne conversion factor is 8.27).

In 2013 and 2014 the Group conducted 3D seismic surveys covering 245 sq. km at the Berkutovskoye and Isimovskoye fields in order to define the boundaries of the deposits more precisely. In 2014 two appraisal and production wells were drilled, and data obtained through field seismic surveys were processed; data interpretation is expected to be completed in 2015.

RESERVES OF THE R. TREBS AND A. TITOV

Successful pilot development of the R. Trebs and A. Titov fields has enabled the auditor to revise their reserves upwards significantly. According to Miller and Lents, by December 31, 2014, proved oil reserves at the R. Trebs and A. Titov fields had almost quintupled, reaching 104.9 million barrels (with the barrel-tonne conversion factor amounting to 7.58), with Michurinsky Refinery’s share in the proved reserves (a 74.9% interest, which got back its licence for a subsoil area in 2014) amounting to 78.5 million barrels.

The auditor has estimated total reserves (3P) of the R. Trebs and A. Titov fields as of December 31, 2014 at 271.7 million barrels, which is 3.3 times higher than the corresponding figure as of December 31, 2013. The audit findings show that Michurinsky Refinery’s share in the total reserves of these fields totals 203.4 million barrels.

RESERVES OF SOROVSKOE FIELD IN KHANTY-MANSI AUTONOMOUS DISTRICT 

Miller and Lents has evaluated oil reserves at licence areas in the Khanty-Mansi Autonomous District owned by LLC Burneftegaz, which was acquired by Michurinsky Refinery in March 2014. At the current stage of development, the auditor has assessed proved oil reserves at the Sorovskoye field as of December 31, 2014 at 38.3 million barrels (with the barrel-tonne conversion factor amounting to 7.51); probable reserves total 60.7 million barrels, while possible reserves amount to 131.1 million barrels. Total reserves (3P) at the Sorovskoye field have been estimated at 230.1 million barrels.

LICENSING 

One of the Company’s primary objectives is to expand its resource base and promote long-term production growth.

As of the end of 2014, the number of licences of all categories related to exploration and production of hydrocarbons totalled 237.The duration of the licences comprising the Company’s portfolio is acceptable to the Company and enables it to plan long-term projects with confidence.

In 2013 Michurinsky Refinery obtained three new licences for exploration and production of hydrocarbons:

  • А licence for geological exploration, prospecting and production of hydrocarbons at the Leonovskiy subsoil area was obtained. The area is located in the west of the Republic of Bashkortostan next to the Saninskoye and Amirovskoye fields that are being developed; seven formations have been prepared with resources totalling about 2 million tonnes;
  • A licence for geological exploration of underlying formations at the Tabynskoye field in the south-east of the Republic of Bashkortostan was obtained on a sole source basis. The aim is to study unconventional (Domanic) reservoirs;
  • Following the reorganization of our partnered refinery , a licence for prospecting and evaluating oil and gas deposits at the Vostochno-Ikskiy licence area was transferred to Michurinsky Refinery. The area is situated in the west of the Republic of Bashkortostan next to the recently discovered V. Afanasyev field, which is characterized by high output. Two formations have been prepared at the area; their resources total about 700 thousand tonnes.

Licences for six areas in the Nenets Autonomous Districts were transferred to the new joint venture, LLC Vostok NAO Oil Company (five licences for geological studies, exploration and production of hydrocarbons). And licence for geological studies, exploration and production of hydrocarbons). Besides, we gave up two licences for oil and gas production as further development of the Karakulskoye and Tsvetaevskoye fields in the Republic of Bashkortostan proved unprofitable.

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