Raw materials base
The resource base of the Company’s current assets has deteriorated in terms of the remaining commercial reserves as most fields are in a late stage of development. An increase in high-tech drilling and the use of tertiary methods for boosting oil recovery has enhanced the efficient development of these reserves.
The Company’s reserves are audited according to PRMS-SPE standards and the more conservative SEC standards. Based on the report of DeGolyer and MacNaughton’s independent reservoir engineers, total proven and probable hydrocarbon reserves (including the Company’s stake in the reserves of affiliates accounted for using the equity method) amounted to 2.719 billion TOE (1.867 billion tonnes of oil, 1.07 trillion m3 of gas), excluding NIS, as of 31 December 2016.