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Rosneft's hydrocarbon reserves increased to 37.772 billion barrels

Proven hydrocarbon reserves of Rosneft Oil Company (including Bashneft assets) stood at 37,772 mmboe (5,111 mmtoe) as of December 31, 2016, the company informed.

The companys hydrocarbon reserves increased by 970 mmboe (131 mmtoe) or 3%*. Rosneft's hydrocarbon reserve replacement ratio under the SEC classification amounted to 148% with an organic figure of 140%.

Following 2016 Rosneft's hydrocarbon reserve life under the SEC classification totaled 19 years.

Under the PRMS classification, Rosneft's 1P hydrocarbon reserves stood at 46,075 mmboe (6,250 mmtoe) as of December 31, 2016.

"Notwithstanding the 2 year decrease of benchmark crude oil prices, the Company demonstrates a stable growth in commercial hydrocarbon reserves. This is achieved by a constant increase of the efficiency of the development of current and start-up of new oilfields and blocks, as well as a successful implementation of the exploration program. The integration of Bashneft assets also contributed to the increase of the resource base," the statement points out.

Rosneft Oil Company (tax number: 7706107510) is the largest oil company and largest tax payer in the Russian Federation. Rosneft's proved SEC compliant reserves exceed 34.4 billion boe.

The company's authorized capital is RUB 105.981 million. It consists of 10,598,177,810 common shares with a face value of RUB 0.01. The company's largest shareholder is state-owned company Rosneftegaz.

IFRS net profit of Rosneft Oil Company for 9 months 2016 dropped by 57.3% to RUB 129 billion. Revenue decreased by 11.4% to RUB 3.503 trillion.

According to AK&M Information Agency's DataCapital information retrieval system, RAS net profit of Rosneft Oil Company for 9 months 2016 decreased 4 times to RUB 23.583 billion from RUB 92.992 billion for the same period in 2015. Rosneft's 9-month revenue decreased by 3.5% to RUB 2.83 trillion from RUB 2.933 trillion the year before. Gross profit decreased to RUB 765.18 billion from RUB 940.767 billion

"AK&M", 17.02.2017


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