Russia's Rosneft reports 131% reserves replacement ratio for 2012
Moscow (Platts)--22Jan2013/414 am EST/914 GMT
Russia's biggest oil producer, Rosneft, Tuesday said its reserves
replacement ratio amounted to 131% under the SEC life-of-field classification
in 2012, according to the results of an audit by DeGolyer & MacNaughton.
Rosneft's proven hydrocarbon reserves stood at 18.956 billion barrels of
oil equivalent as of December 31, 2012, compared with 17.618 billion boe as
of December 31, 2011.
The 2012 figure includes oil reserves of 14.523 billion barrels, or
1.999 billion mt, and gas reserves at 26.597 Tcf, or 753 billion cubic
meters, Rosneft said in a statement.
The company's gas reserves have grown 33% from 19.995 Tcf (or 566
billion cubic meters) as of December 31, 2011, primarily due to the
acquisition of Russian Itera's gas fields.
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Last year, Rosneft said its reserves replacement ratio amounted to 162%
for 2011, Platts previously reported.
Under the PRMS classification, Rosneft's proven hydrocarbon reserves
stood at 24.091 billion boe as of December 31, 2012, according to the audit by
DeGolyer & MacNaughton.
Of this total, oil reserves were 18.255 billion barrels (2.513
billion mt) and gas reserves 35.014 Tcf (991 billion cubic metres).
As of the end of 2012, Rosneft's reserve life was 25 years, including 21
years for oil and 62 for gas.
DeGolyer & MacNaughton also 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 mtoe),
which is almost 1.5 times in excess of the level recorded at the end of 2011,
Rosneft said.
The growth is primarily due to obtaining licenses for the offshore areas
in the Barents Sea and Pechora Sea in the Arctic, it said.
Estimated contingent resources as of December 31, 2012, stood at 1.476
billion mt of oil and 964 billion cubic meters of gas, including stakes in
joint projects, Rosneft said.
--Nadia Rodova, nadia_rodova@platts.com
--Edited by Geetha Narayanasamy, geetha_narayanasamy@platts.com