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Rosneft’s proved reserves add 8% in value over 2013

February 03, 2014, 17:51 UTC+3 MOSCOW
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MOSCOW, February 03. /ITAR-TASS/. Value of Russian oil giant Rosneft’s proved reserves increased 8% to $168 billion over 2013, says the company’s report.

According to the report, the independent international auditor of the company’s reserves DeGolyer & MacNaughton has revised the value of Rosneft’s proved reserves upwards, primarily due to organic growth.

“Rosneft is planning to start developing about 1.4 billion tons of oil reserves and achieve an additional production volume of about 7.3 million tons of oil a year by 2020 with potential growth to 13.5 million tons of oil by 2030,” Rosneft’s press office quotes its President Igor Sechin as saying.

As reported earlier, in 2013 Rosneft boosted its hydrocarbon resources 11.5% year-on-year to 33 billion barrels of oil equivalent, or BOE (according to SEC classification). In particular, liquid hydrocarbon reserves grew 6% to 25.2 billion barrels (3.4 billion tons), while gas reserves increased 29% to 46.9 trillion cubic feet (1.33 trillion cubic meters).

The increase in reserves is mainly due to geologic prospecting works, drilling and commissioning of new areas in the company’s main fields, interventions aimed at maintaining basic production, and increased stakes in Taas-Yuryakh Neftegazodobycha and Itera companies.

According to PRMS classification, Rosneft’s proved reserves as of December 31, 2013, were 41.771 billion BOE, including 30.782 billion barrels (4.161 billion tonnes) of liquid hydrocarbons and 65.937 trillion cubic feet (1.867 trillion cubic metres) of gas.

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