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26

Swedish Alliance and Russian Rosneft saw their oil reserves increase in 2009

RUSSIAN state-controlled oil company Rosneft and Sweden-listed Alliance Oil, which develops mid-sized and minor oilfields in Russia, have reported hefty increases in hydrocarbon reserves during 2009 .

 

RUSSIAN state-controlled oil company Rosneft and Sweden-listed Alliance Oil, which develops mid-sized and minor oilfields in Russia, have reported hefty increases in hydrocarbon reserves during 2009 following reserve audits carried out by Western companies. Citing received audit results for the last year, Rosneft said that it had estimated net proven reserves of 22.86 billion barrels of oil equivalent. The proven reserve figure consists of 18 billion barrels of oil and 816 billion cubic metres of gas at the end of 2009.

 

During the last year, Rosneft’s proven hydrocarbon reserves increased 2.5% compared with 2008, with oil reserves increasing 2.1% and gas reserves rising by 4%, the company said. The reserve replacement ratio was 163%, including 146% for oil, according to Rosneft. In total, based on the current oil and gas production of the company, its hydrocarbon reserve life is estimated at 23 years for oil and 66 years for gas.

 

Meanwhile, Alliance Oil has reported that it added net proven and probable oil reserves of 54.7 million barrels during the last year according to an audit report. The company’s reserve base grew by 12% to 526 million barrels of oil through exploration and development as well as reserve revisions. The increase in proven and probable reserves represents an internal reserve replacement ratio of 342%, according to analysts in Moscow. The Timano-Pechora region in the north of Russia has accounted for the main increases in the company’s oil reserves, mainly driven by successful exploration activities at the Lek-Kharyaga oilfield.

Source : Upstream