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Rosneft Reviewed the Results of DeGolyer & MacNaughton's Independent Audit of Hydrocarbon Reserves

Source: www.gulfoilandgas.com 2/15/2017, Location: Asia

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According to the results of the audit performed by DeGolyer & MacNaughton under the SEC (United States Securities and Exchange Commission) life-of-field classification Rosneft proven hydrocarbon reserves (including Bashneft assets) as of December 31, 2016 stood at 37,772 mmboe (5,111 mmtoe). The Company’s hydrocarbon reserves increased by 970 mmboe (131 mmtoe) or 3%*. Rosneft's hydrocarbon reserve replacement ratio under the SEC classification amounted to 148% with an organic figure of 140%. Following 2016 Rosneft's hydrocarbon reserve life under the SEC classification totaled 19 years.

Under the PRMS (Petroleum Resources Management System) classification hydrocarbon reserves by the 1P category as of December 31, 2016 stood at 46,075 mmboe (6,250 mmtoe), by the 2P category – 82,087 mmboe (11,092 mmtoe), by the 3P category – 116,758 mmboe (15,794 mmtoe). 1P reserves growth amounted to 2%, 2P reserves increased by 4% while 3P reserves grew by 3% in 2016*.

Notwithstanding the 2 year decrease of benchmark crude oil prices, the Company demonstrates a stable growth in commercial hydrocarbon reserves. This is achieved by a constant increase of the efficiency of the development of current and start-up of new oilfields and blocks, as well as a successful implementation of the exploration program. The integration of Bashneft assets also contributed to the increase of the resource base.

In 2016 the Company followed its strategic targets and maintained its leading position by hydrocarbon reserves among public oil companies.

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