Rosneft

Report Publication Announcement • Jan 22, 2013

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RNS Number : 1203W

OJSC OC Rosneft

22 January 2013

CORRECTION: Rosneft Reserve Replacement Ratio Exceeds 130%, Hydrocarbon Resources Growth Nears 50%

With reference to a publication of January 22, 2013 of the results of independent audit of hydrocarbon reserves, performed by DeGolyer & MacNaughton, Rosneft Oil Company hereby informs on a technical error caused by the auditor. Correction of the said error lead to a situation when the originally published numbers of reserves in barrels, barrels of oil equivalent, cubic meters and cubic feet were changed towards the increase. The size of reserves in tonnes has therefore remained unchanged.

Rosneft hydrocarbon reserves as of December 31, 2012:

	Oil, mln bbl	Gas, bcf	Oil + gas*, mln BOE
SEC classification (U.S. Securities and Exchange Commission)
Proven reserves	14,592	26,599	19,026
PRMS classification (Petroleum Resources Management System)
Proven reserves	18,328	35,016	24,164
Probable reserves	9,845	13,125	12,032
Possible reserves	8,878	9,256	10,421

* 1 barrel of oil equivalent (BOE) is equal to 6,000 cubic feet of gas. Rosneft's total reserves include 100% of reserves held by consolidated subsidiaries as well as Rosneft's share in reserves held by affiliates

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 19,026 million BOE. That includes oil reserves of 14,592 million bbl (1,999 million tonnes) and gas reserves at 26,599 billion cubic feet (753 billion cubic meters). These figures put Rosneft's reserve replacement ratio at 131%. Compared to the level registered at the end of 2011 the Company's hydrocarbon reserves grew by 8% (oil reserves grew by 2%, gas reserves increased by 33%). The increase in gas reserves is primarily due to setting up a joint venture with Itera.

DeGolyer & MacNaughton also audited Rosneft's hydrocarbon reserves under PRMS classification. Proven hydrocarbon reserves as of December 31, 2012 stood at 24,164 million BOE, including 18,328 million bbl (2,513 million tonnes) of oil and 35,016 billion cubic feet (992 billion cubic meters) of gas. Compared to the level registered at the end of 2011 hydrocarbon reserves grew by 3%. 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 prospective recoverable hydrocarbon resources of the Company was 201 billion BOE (27 billion TOE), which represents an almost 50% increase compared to 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. 

Rosneft Information Division

Tel.: +7 (495) 411 54 20

Fax: +7 (495) 411 54 21

www.rosneft.com 

January 22, 2013

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 obligations 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

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