Gazprom Neft boosts proved, probable reserves in 2013

JSC Gazprom Neft said it boosted proved and probable hydrocarbon reserves in 2013.

Gazprom Neft’s total proved and probable hydrocarbon reserves on Dec. 31, 2013, were 2.29 billion tonnes boe, according to SPE-PRMS international standards, a 7.7% increase.

Gazprom Neft’s proved hydrocarbon reserves amounted to 1.34 billion tonnes boe, an 11.9% increase.

Proved oil reserves increased 4.9% to 960.6 million tonnes. Probable oil reserves reached 1.7 billion tonnes, up 2.6%.

The company’s proved hydrocarbon reserves-to-production ratio exceeds 20 years, said SPE-PRMS.

The more conservative standards by the US Securities and Exchange Commission estimate total hydrocarbon reserves at 1.13 billion tonnes boe, an 11.3% increase, and oil reserves at 829.1 million tonnes, up 5%.

The increase in reserves outpaced Gazprom Neft’s production growth, which reached 62.24 million tonnes boe in 2013.

DeGolyer and MacNaughton audited Gazprom Neft and its joint ventures.

Total reserves include the company’s share in reserves of subsidiaries Slavneft, Tomskneft, Salym Petroleum Development, SeverEnergiya, and Messoyakhaneftegaz, and assets in Iraq and Venezuela.

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