Markets

Russia's Lukoil says proved oil reserves down to 12.6bn barrels

Published February 9, 2016 Updated February 9, 2016 12:09pm

1 min

By Shoaib Ur Rehman

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MOSCOW: Russia's No.2 oil producer Lukoil said on Tuesday its proved oil reserves stood at 12.585 billion barrels as of Dec. 31 2015, down from 13.6 billion barrels in the same period a year earlier due to falling oil prices.

The company said its total proved hydrocarbon reserves evaluated in accordance with US Securities and Exchange Commission (SEC) standards stood at 16.6 billion barrels of oil equivalent, down from 17.59 billion barrels the previous year.

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