Rosneft said that, in 2006, its proved hydrocarbon reserves grew 6.1% over 2005, with oil and gas condensate reserves increasing by 7.3% and gas reserves increasing by 1.5%. In addition, the company’s reserve replacement, including acquisitions, was 273%. Meanwhile, organic hydrocarbon reserves replacement was 224%. This leaves Rosneft’s hydrocarbon reserve life at 27 to 30 years for oil and 51 years for gas.
Rosneft said that the increase in proved reserves was due primarily to further exploration and development of the fields at Yuganskneftegaz and the Vankor field, as well as the acquisition of an effective 49.4% stake in Udmurtneft.
In a press release, Rosneft said that the results of the audit confirm that it is the world’s largest oil company in terms of oil and condensate reserves under the Society of Petroleum Engineers classification when compared to public companies, and that it has become the world’s largest public oil company in terms of liquid hydrocarbon reserves under the Security Exchange Commission life-of-field classification.
Rosneft’s president, Sergey Bogdanchikov, commented: We are now focused on optimal development of our resource base and are aiming for industry leading growth to bring our production ranking among leading oil companies in line with our ranking in reserves.
