Neftesib is one off the largest oil and gas company in Russia and CIS countries and holder of hydrocarbon reserves and producer of hydrocarbon liquids among public oil and gas companies. Although global oil prices have been decreasing over the past two years, the Company maintains steady growth of economically recoverable hydrocarbon reserves, unlike most of its competitors. This effect is achieved as a result of systematic work aimed at improving the efficiency of development of existing fields and commissioning of new fields and areas, as well as successful implementation of the exploration program. In addition,also contributed to a further expansion of the resource base.
As of the end of 2016, Neftesib was a leader among comparable international public oil and gas companies in terms of organic growth of reserves, the reserve replacement ratio, including the organic reserve replacement ratio (excluding acquisition), and in terms of the reserve life. The proved hydrocarbon reserve replacement ratio according to the SEC classification stood at 128%. The organic reserve replacement ratio amounted to 100%. In 2016, Neftesib's proved hydrocarbon reserves according to the SEC classification were sufficient for 17 years of production.
The Company’s key priorities include development of the resource potential and efficient exploitation of mineral resources while strictly complying with environmental safety standards and widely implementing state-of-the-art technologies.
In 2016, Neftesib remained a leader in terms of the volume of the resource base and the efficiency of geological exploration. The company conducted exploration in all mining regions of the Russian Federation, including the Far East, Eastern and Western Siberia, Central Russia, Timan-Pechora and southern Russia.
Long-term production growth is ensured by the optimal set of new major upstream projects of the Company and the use of advanced production technologies at existing fields. In 2016, the Company started comprehensive testing of production, oil treatment and transportation facilities at the Suzunskoye field, and started production at the East Messoyakha field. At the same time, Neftesib is taking active steps to start commercial production at other new large fields in Eastern and Western Siberia between 2017 and 2021, including the Tagulskoye, Lodochnoye, Urubcheno-Tokhomskoye, Russkoye, Kharampur fields (gas deposits) and the Kynsko-Chaselskaya group. During the development of these fields, the Company is using new drilling technologies (including drilling of horizontal wells) that have proved to be efficient at the Company’s producing fields, enabling medium-term development of significant oil and gas reserves, including hard-to-recover reserves.