By Joe Hoppe

Novatek said Tuesday that an appraisal of the company's hydrocarbon reserves determined that the company had 16.37 billion barrels of oil equivalent in 2020, with total proved reserves up by 0.6% compared with the year prior.

As of Dec. 31, the Russian oil-and-gas company said the reserves include 2.24 trillion cubic meters of natural gas and 197 million metric tons of liquid hydrocarbons. The company said it has a reserve-replacement rate of 117% for the year, with the addition of 710 million boe--a figure which includes 2020 production.

The reserves were improved thanks to successful exploration, production drilling and increasing recovery rates at its sites.

The company added that it continued its exploration activities in 2020 and commissioned new fields, building up to the implementation of its future large-scale liquid natural gas projects in the Arctic.

Shares in London at 1058 GMT were down 60 cents, or 0.3%, at $187.3.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

01-19-21 0621ET