For more than 15 years, the Company’s reserves have been audited in accordance with PRMS-SPE standards and the even more conservative standards of the US SEC (the US Securities and Exchange Commission). The audits, which were carried out at all Gazprom Neft fields, covered 95% to 98% of the reserves at the Company’s fields in the Russian ABC1 category.
As reported by the independent petroleum appraisers, DeGolyer & MacNaughton (in 2006 and 2007 the Company’s reserves were appraised by Miller and Lents, Ltd), Gazprom Neft’s total reserves in proved and probable hydrocarbons categories as per the PRMS-SPE international standards (including the Company’s share in reserves of its affiliates, calculated proportionately to the equity share holding) were 2,128 million tonnes of oil equivalent as of December 31, 2012, (1,666 million tonnes of oil, 577 billion cubic meters, 15,773 million barrels of oil equivalent), excluding NIS.
The current indicator for the coverage of Company production by proven hydrocarbon reserves as per the PRMS-SPE standards is in excess of 20 years.
Net of new acquisitions, Gazprom Neft’s incremental proven hydrocarbon reserves as per the PRMS-SPE standards was 128 million tonnes of oil equivalent in 2012.
The Company’s rate of proven reserve organic replacement was 214% in 2012.
Gazprom Neft’s incremental proven and probable hydrocarbon reserves as per the PRMS-SPE standards, based on reviewing existing reserves and new acquisitions (the Novoportovskoye and Baleykinskoye fields), were 262 million tonnes of oil equivalent in 2012.
Given the 2012 production volume, Reserves Replacement Ratio for Gazprom Neft’s reserves in proven and probable hydrocarbons have amounted to 438%, including acquisitions, or 230% excluding acquisitions.
