In 2014, hydrocarbon production was 251.6 mm tons of oil equivalent, a 4.8% organic growth, year-on-year. With the new assets added, from the acquisition date production grew by 14.5%.
Rosneft is the biggest public company in the world in terms of reserves and production. Adding reserves is one of the Company’s key priorities.
Rosneft has main fully consolidated production and development enterprises, which produce crude oil in Western Siberia, Eastern Siberia, Timan Pechora, Central Russia, southern part of European Russia and the Russian Far East. The Company also has a 20% stake in the Sakhalin-1 project and a 50% stake in JSC “Tomskneft” VNK, both accounted for using proportionate consolidation method. In addition, Rosneft participates in major production joint ventures accounted for using the equity method: Udmurtneft – 49.54% and Slavneft – 49.94%. The Company also participates in international projects in Vietnam and Venezuela.
In 2014, crude and liquids productiontotaled 204.9 mmt. Daily crude and liquids production remained at the level of 4.2 mm bbl/day.
New producing assets achieved maximum production levels since the beginning of their development – 22.0 mmt from the Vankor field, 8.2 mmt from the Verkhnechonskoye field, and 10.0 mmt from the Uvat project.
The Company continued to stabilize its brownfield production, primarily by efficient waterflood management and drilling wells with multistage hydraulic fracturing. Most noticeable successes in slowing down production decline rates were scored by Varyoganneftegaz and Samotlorneftegaz.
In 2014, gas production grew by 48.6% and reached over 56.7 bcm with the new assets added from the acquisition date.
In 2014, Rosneft continued efficient replacement of its resource base. The Company’s 2014 ABC1+C2 hydrocarbon reserves amounted to 129 bln boe (ca. 17 bln toe). Investment in exploration was twice the 2013 amount, primarily due to increasing the scope of offshore E&A operations.
In 2014, replacement of ABC1 commercial hydrocarbon reserves, including acquisitions, amounted to 461 mm toe, or 156% vs. 2013, and the reserves-to-production ratio (R/P) is 45 years.