Rosneft posts 7.6% hydrocarbon reserves growth

Rosneft posts 7.6% hydrocarbon reserves growth

PanARMENIAN.Net - Russia’s largest crude producer Rosneft, which finalized deals late last year to acquire the country’s third largest oil firm TNK-BP, said on Tuesday, Jan 22, its hydrocarbon reserves grew in 2012 by 7.6 percent under the SEC classification and by 3.2 percent under the PRMS estimate.

“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 tons) and gas reserves at 26,597 billion cubic feet (753 billion cubic meters),” the company said in a statement, according to RIA Novosti.

These figures put Rosneft's reserve replacement ratio at 131 percent. The company's gas reserves have grown 30 percent from the end of 2011.

“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 tons) 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,” the company said.

“Rosneft in 2012 has therefore confirmed its position as the world’s largest public oil company by proven liquid hydrocarbon reserves,” Rosneft said.

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