Pumped up: Gazprom boosts 2008 reserves from new discoveries by 10%
Gazprom sees record 10% reserves boost
The hydrocarbon reserves of Russia's Gazprom rose by a record 10% this year after the government granted it 10 major gas deposits and its oil arm boosted oil reserves, according to reports.
Vedomosti business daily quoted two unnamed Gazprom officials as saying Gazprom and its subsidiaries increased reserves by 4.7 billion barrels of fuel equivalent in 2008.
Denis Borisov, analyst at Solid brokerage, told Reuter the addition brings Gazprom's total hydrocarbon reserves to over 215 billion barrels of oil equivalent, up by 9.5% from 196.4 billion at the beginning of the year.
Gazprom, the world's largest holder of gas reserves, produces around 550 billion cubic metres of gas per year and exports over 150 Bcm, covering a quarter of Europe's gas needs.
Gazprom obtained licences for some strategic deposits for free this year as part of a broader state plan to limit strategic developments to state-run companies and restrict participation of foreign and private companies.
The deposits, which have total gas reserves estimated at 3 trillion cubic metres, include the giant East Siberian Chayanda gas field with estimated reserves of 1.2 trillion cubic metres.
Gazprom Neft , the oil arm of Gazprom, has boosted oil reserves by around 308 million barrels excluding its 50% stakes in oil ventures Slavneft and Tomskneft, Vedomosti quoted a Gazprom Neft source as saying.
Russia is the world's largest gas producer and second largest oil exporter.
Natural Resources Minister Yuri Trutnev said on Thursday it has fully replaced its oil and gas production this year with new reserves.
Trutnev said Russia had discovered 3.6 billion barrels (500 million tonnes) of new oil reserves this year and 650 Bcm of gas.