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Reserves and resources

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

As to results of 2014, Rosneft confirmed its leading positions among world publicly traded companies in terms of proven hydrocarbon reserves and hydrocarbon resources.

According to the results of the audit performed by DeGolyer & MacNaughton under the SEC (United States Securities and Exchange Commission) life-of-field classification, as of December 31, 2014, Rosneft proven hydrocarbon reserves stood at 33, 977 mln BOE (4, 595 mln TOE). These figures put 2014 Rosneft's hydrocarbon reserve replacement ratio under the SEC classification at 154 %. The Company’s hydrocarbon reserves growth accounted 963 mln BOE (134 mln TOE) which amounted +3% to the rate of 2013.

Under the PRMS (Petroleum Resources Management System) classification hydrocarbon reserves by the 3P category as of December 31, 2014 stood at 106,359 mln BOE (14,428 mln TOE). The growth to 2013 amounted +5%. Proven hydrocarbon reserves (1P) stood at 43,085 mln BOE (5,836 mln TOE). Therefore, Rosneft's hydrocarbon reserve life totaled 24 years.

The increase in volume of proven reserves is, to a large extent, based on the successful implementation of geological survey, drilling and bringing new blocks into development. It is also due to the efficient work on maintenance and increase of the base wells fond productivity at the Company’s fields. The estimation of development prospects for the respective volumes of tight reserves of the Company’s fields in West Siberia was also upgraded.