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22 Jan 2013 07:00
Rosneft Reserve Replacement Ratio Exceeds 130%, Hydrocarbon Resources Growth Nears 50%
Rosneft reviewed the results of DeGolyer & MacNaughton's independent audit of its hydrocarbon reserves.
Rosneft hydrocarbon reserves as of December 31, 2012:
Oil, mln bbl | Gas, bcf | Oil + gas*, mln BOE | |
SEC classification (U.S. Securities and Exchange Commission) | |||
Proven reserves | 14,523 | 26,597 | 18,956 |
PRMS classification (Petroleum Resources Management System) | |||
Proven reserves | 18,255 | 35,014 | 24,091 |
Probable reserves | 9,720 | 13,123 | 11,907 |
Possible reserves | 8,786 | 9,255 | 10,329 |
* 1 barrel of oil equivalent (BOE) is equal to 6,000 cubic feet of gas. Rosneft's total reserves include 100% of reserves held by consolidated subsidiaries as well as Rosneft's share in reserves held by affiliates
According to the results of an audit performed by DeGolyer & MacNaughton under the SEC life-of-field classification, as of December 31, 2012 Rosneft proven hydrocarbon reserves stood at 18,956 million BOE. That includes oil reserves of 14,523 million bbl (1,999 million tonnes) and gas reserves at 26,597 billion cubic feet (753 billion cubic meters). These figures put Rosneft's reserve replacement ratio at 131%. The Company's gas reserves have grown 1.3 times compared to the level registered at the end of 2011. The increase in gas reserves is primarily due to acquisition of gas fields of Itera NGK.
DeGolyer & MacNaughton also audited Rosneft's hydrocarbon reserves under PRMS classification. Proven hydrocarbon reserves as of December 31, 2012 stood at 24,091 million BOE, including 18,255 million bbl (2,513 million tonnes) of oil and 35,014 billion cubic feet (991 billion cubic meters) of gas. As of the end of 2012, Rosneft's reserve life was 25 years; 21 years for oil and 62 for gas.
Furthermore, DeGolyer & MacNaughton audited Rosneft's resources. As of December 31, 2012 the mean estimate of prospective recoverable hydrocarbon resources of the Company was 201 billion BOE (27 billion TOE), which is almost 1.5 times in excess of the level recorded at the end of 2011. The growth is primarily due to obtaining the licenses for the shelf areas of the Barents and Pechora seas. Estimate 3С contingent resources as of December 31, 2012 stood at 1,476 million tonnes of oil and 964 billion cubic meters of gas (including stakes in joint projects).
Rosneft in 2012 has therefore confirmed its position as the world's largest public oil company by proven liquid hydrocarbon reserves. The Company has also sealed its position of undisputed leader in terms of hydrocarbon resources.
Rosneft Information DivisionTel.: +7 (495) 411 54 20Fax: +7 (495) 411 54 21www.rosneft.com
January 22, 2013
These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.
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