Rosneft: Reserve replacement ratio at end-2012 exceeds 130%

1/22/2013

Rosneft: Reserve replacement ratio at end-2012 exceeds 130%

BY LUKAS I. ALPERT

MOSCOW -- Rosneft said its reserve replacement ratio at the end of 2012 had exceeded 130% and that its proven liquid hydrocarbon reserves reconfirm its position as the world's largest public oil company.

An audit performed by DeGolyer & MacNaughton showed that the company's hydrocarbon reserves stood at 18,956 Mmboe as of December 31, 2012, with gas reserves having grown 1.3 times from the level seen at the same point a year earlier.

The increase in gas reserves was attributed to the acquisition of gas fields of Itera NGK, Rosneft said.

The same audit also found that the Rosneft's proven hydrocarbon reserves as of December 31 2012, were 24,091 Mmboe , with recoverable hydrocarbon resources at 201 Bboe 50% increase on the level recorded at the end of 2011. The company said that as of the end of 2012, its reserve life was 21-25 years for oil and 62 for gas.

Dow Jones Newswires

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