Rosneft audit report sees increase in oil and gas reserves

By Vladimir Afanasiev

 27 January 2012 01:48 GMT

Russia’s state-controlled oil company Rosneft has released a new hydrocarbon reserves audit report, saying that the company’s proven reserves under the Petroleum Resources Management System (PRMS) were 23.4 billion barrels of oil equivalent at the end of December, writes Vladimir Afanasiev.

Of this amount, proven reserves of oil and condensate have been estimated at 18.4 billion boe and 30 trillion cubic feet of natural gas. The company’s gas reserves have more than doubled compared with the level registered at the end of 2010.

This was due to a review of reserves at its largest gas field, Kharampurskoye, in West Siberia.

Oil reserves have also increased, reflecting the quality of assets which Rosneft gained control of following the purchase of assets of defunct oil company Yukos in 2007 in liquidation auctions. Rosneft’s auditors have…

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