Rosneft racks up 131% reserve increase

Russian winners: Rosneft says its reserves remain world-beating

AFP/Scanpix

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Bill Lehane ,

News Wires

 22 January 2013 09:38 GMT

Russian crude giant Rosneft has said it has “sealed its position of undisputed leader in terms of hydrocarbon resources” after a fresh evaluation pegged total proven reserves in its portfolio of 24.164* billion barrels of oil equivalent (boe).

The state player said it is the world’s largest public oil company in terms of proven liquid hydrocarbon reserves.

Rosneft said it had achieved a reserve replacement ratio of 131% at year-end compared to 31 December 2011.

This time last year, Rosneft reported reserves under PRMS at 23.4 billion boe.

The Moscow-headquartered explorer said that it had ramped up its mean prospective recoverable resources by almost 150% to 201 billion boe thanks to gaining new Arctic licences in the Barents and Pechora sea plays.

Under the PRMS classification Rosneft’s reserves were estimated by…

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