Subject. The article reviews the production and proved reserves of the largest public oil and gas companies from 2006 to 2018. Objectives. The purpose is to determine key trends in production and proved reserves indicators and identify the factors, leading to this transformation during the studied period. Methods. The study draws on methods of comparative analysis, as well as the generalization of materials of annual financial statements. Results. The paper establishes a proportional increase in the production of liquid hydrocarbons and natural gas, and determines that most of the total production accounts for liquid hydrocarbons. It reveals that there has been an increase in proved reserves, and that the component of liquid hydrocarbons in the structure has gradually reached almost two thirds. It is found that in terms of pace, the increase in the production of liquid hydrocarbons and natural gas was ahead of the increase in the corresponding proved reserves, as compared to the level of the world's largest public oil and gas corporations, and, therefore, there was a general decrease in the level of reserve life of companies. Conclusions. In conditions of increasing production by leading public oil and gas corporations at available prices for raw materials, it becomes difficult for many independent companies to maintain an acceptable level of availability of proved hydrocarbon reserves.
Keywords: production, proved reserves, reserve life, crude oil, natural gas
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