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. Last Updated: 07/27/2016

LUKoil Stays World's No. 2 in Terms of Crude Reserves

LUKoil said Tuesday its reserves were almost unchanged in 2004, when it managed to fully replace its production and remain the world's No. 2 oil firm by reserves.

LUKoil said in a statement its total proved oil and gas reserves stood at 20.072 billion barrels of oil equivalent as of Jan. 1. The company, in which U.S. oil major ConocoPhillips holds 10 percent, had reported reserves of 20.056 billion boe as of Jan. 1, 2004, up 4 percent from the previous year.

"For five years on end the company has completely compensated the hydrocarbons production with the reserves additions. LUKoil had 3.5 percent growth in proved reserves in 2004 after taking production into account," it said.

The firm has remained the world's No. 2 oil firm by reserves behind U.S. oil major ExxonMobil, which reports reserves of around 22 billion boe.

Reserves reporting has become a key issue in the past year after Royal Dutch/Shell Group and other oil firms cut their reserves estimates.

LUKoil reports its reserves under U.S. Society of Petroleum Engineers requirements, while investors prefer more strict Securities and Exchange Commission rules.