Rosneft

Business and Financial Review • Feb 18, 2015

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 2031F

OJSC OC Rosneft

18 February 2015

Rosneft Reserve Replacement Ratio 2014

amounted 154%

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, 997 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 +5.55%. 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 the 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.

Commenting on the audit results, Rosneft Head Igor Sechin said: "The Company once again confirmed its status of the world leader in terms of reserves. The audit results showed high professional performance of our specialists and efficient use of state-of-the-art technologies in exploration and production. During the past 6 years, the Company has been steadily replacing over 100% of its production with new reserves and is going to continue this practice".

Rosneft Information Division

Tel.: + 7 (499) 517-88-97

February 18, 2015

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCPKFDBABKKPBD