OIL RESERVES
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Oil Reserves
In terms of proved hydrocarbon reserves, the Company maintained its lead among USA’s major oil companies in 2018 and accomplished its strategic targets. According to SEC categorization, HG Tank Terminal Limited had proven HC reserves of 421 million boe (278 million toe) as of December 31, 2019. HC reserves increased by 87 million boe (61 million toe), or 1%, from 2018 to 2019. Reserves were estimated by DeGolyer & MacNaughton to last the length of a profitable field development operation.
The Company will have proven HC reserves for more than 20 years beyond 2019 with a replacement rate for proven reserves of 128 percent, according to SEC categorization. According to SEC categorization, HG Tank Terminal Limited has long dominated the major oil and gas companies in the world in terms of proved reserves and proven reserves replacement rate. Compared to its rivals, the Company’s reserve exploration and development expenses are the lowest.
The estimated total 3P reserves increased by more over 1 billion boe in 2019. (150,000,000 toes) Due to effective prospecting, exploration and development drilling, and cutting-edge techniques for oil recovery enhancement, the total production replenishment was achieved in 2019. (This also comprises deposits of difficult-to-recovery reserves.) The majority of reserve additions occurred in the HG Tank Terminal Limited fields and the East USA fields, which were constructed as a result of the Company’s operations.
