Rosneft reviewed the results of DeGolyer & MacNaughton's independent audit of its hydrocarbon reserves.
Rosneft hydrocarbon reserves as of December 31, 2011:
|Oil + gas*,
|SEC classification (U.S. Securities and Exchange Commission)|
|PRMS classification (Petroleum Resources Management System)|
* 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, Rosneft's proven hydrocarbon reserves as of December 31, 2011 stood at 17,618 million BOE. Of this total, oil reserves stood at 14,286 million barrels (1,960 million tons) and gas reserves at 19,995 billion cubic feet (566 billion cubic metres).
These figures put Rosneft's reserve replacement ratio at 162%. The Company's gas reserves have grown 2.3 times compared to the level registered at the end of 2010. This significant increase in gas reserves is due to a review of reserves at the Company's largest gas field, Kharampurskoye.
DeGolyer & MacNaughton also audited Rosneft's hydrocarbon reserves under PRMS classification. Proven hydrocarbon reserves as of December 31, 2011 stood at 23,352 million BOE. Of this total, oil reserves stood at 18,351 million barrels (2,519 million tons) and gas reserves at 30,004 billion cubic feet (850 billion cubic metres).
As of the end of 2011, Rosneft's reserve life was 25 years; 21 years for oil and 68 for gas.
Furthermore, DeGolyer & MacNaughton audited Rosneft's resources. As of December 31, 2011, the mean estimate of the Company's prospective recoverable hydrocarbon resources was 134 billion BOE, which is three times as much as at the end of 2010.
This was due to the acquisition of license blocks on the Kara and Black Sea shelves. Rosneft also obtained licenses for 5 promising blocks on the Sea of Okhotsk shelf at the end of 2011. Resources contained within these blocks were not included in the audit but are preliminarily estimated at over 20 billion BOE.
With these figures, Rosneft confirmed its status as one of the world's largest public oil companies by proven liquid hydrocarbon reserves.
The Company has also sealed its position as the absolute leader in terms of hydrocarbon resources.