Rosneft reviewed the results of DeGolyer & MacNaughton’s independent audit of its hydrocarbon reserves.

 

According to the results of an audit performed by DeGolyer & MacNaughton under the SEC life-of-field classification, as of December 31, 2012 Rosneft proven hydrocarbon reserves stood at 18,956 million BOE. That includes oil reserves of 14,523 million bbl (1,999 million tonnes) and gas reserves at 26,597 billion cubic feet (753 billion cubic meters). These figures put Rosneft’s reserve replacement ratio at 131%. The Company’s gas reserves have grown 1.3 times compared to the level registered at the end of 2011. The increase in gas reserves is primarily due to acquisition of gas fields of Itera NGK.

 

DeGolyer & MacNaughton also audited Rosneft’s hydrocarbon reserves under PRMS classification. Proven hydrocarbon reserves as of December 31, 2012 stood at 24,091 million BOE, including 18,255 million bbl (2,513 million tonnes) of oil and 35,014 billion cubic feet (991 billion cubic meters) of gas. As of the end of 2012, Rosneft’s reserve life was 25 years; 21 years for oil and 62 for gas.

Furthermore, DeGolyer & MacNaughton audited Rosneft’s resources. As of December 31, 2012 the mean estimate of p

rospective recoverable hydrocarbon resources of the Company was 201 billion BOE (27 billion TOE), which is almost 1.5 times in excess of the level recorded at the end of 2011. The growth is primarily due to obtaining the licenses for the shelf areas of the Barents and Pechora seas. Estimate 3С contingent resources as of December 31, 2012 stood at 1,476 million tonnes of oil and 964 billion cubic meters of gas (including stakes in joint projects).

 

Rosneft in 2012 has therefore confirmed its position as the world’s largest public oil company by proven liquid hydrocarbon reserves. The Company has also sealed its position of undisputed leader in terms of hydrocarbon resources.