Conoco's Reserve Base Hit by Lukoil Selloff

摘要

ConocoPhillips ended 2010 with nearly 8.3 billion barrels of oil equivalent in proved reserves to its name - its lowest reserve base since 2003. Conoco began last year with more than 10.3 billion boe of proved reserves, but asset sales and - more critically - the divest- ment of its 20% stake in Russia's Lukoil re- duced that figure by 2.2 billion boe (IOD Jul.29,p1). Production shaved off another 775 million boe, bringing Conoco's reserve base down to 7.3 billion boe.