RusEnergy

26 April 2007 - Upstream OnLine - Russian state-controlled oil producer Rosneft today claimed it was the world leader among public companies in oil reserves after booking a 6.1% increase in its hydrocarbons reserves in 2006. The company said it had estimated net proved reserves of 20.089 billion barrels of oil equivalent, including 15.963 billion barrels of oil and 24.758 trillion cubic feet of gas, according to the Society of Petroleum Engineers classification. Rosneft's proved oil and gas condensate reserves rose by 7.3% in 2006, while its gas reserves increased by 1.5%. The company said its hydrocarbon reserve life was 27 to 30 years for oil and 51 years for gas. "In 2006, Rosneft became the world leader among public companies in proved liquid hydrocarbon reserves under both SPE & Security Exchange Commission (SEC) life-of-field classifications," said Rosneft, which pumps 1.75 million barrels per day. Rosneft's main Russian competitor Lukoil has oil reserves of 15.3 billion barrels, while its total reserves are bigger that those of Rosneft at 20.36 billion barrels of oil equivalent. US supermajor ExxonMobil's total proven reserves are even bigger at 22.7 billion barrels of oil equivalent, but the company said they are split about evenly between liquids and gas. Rosneft said the increase in proved reserves was mainly due to further exploration at Yuganskneftegaz, Rosneft's main production unit in West Siberia, which previously belonged to bankrupt oil producer Yukos. Further exploration at East Siberia's Vankor field also contributed to the increase.