Rosneft reports hikes in oil, gas reserves

Rosneft’s reserves of crude oil increased by 2% last year and of natural gas by 33% under Securities and Exchange Commission assessment methods, the company reported on the basis of an audit by DeGolyer & MacNaughton.

The Russian company attributed the large gas increase to its formation last year of a joint venture with the Itera Group (OGJ Online, Aug. 6, 2012).

Under the SEC’s life-of-field classification, the company’s proved reserves as of Dec. 31, 2012, totaled 14.592 billion bbl of oil and 26.599 tcf of gas.

Under Petroleum Resources Management System classification, Rosneft has proved reserves of 18.328 billion bbl of oil and 35.016 tcf of gas, probable reserves of 9.845 billion bbl and 13.125 tcf, and possible reserves of 8.878 billion bbl and 9.256 tcf.