8.24 AM Sunday, 3 December 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:26 06:45 12:11 15:10 17:32 18:50
03 December 2023

Rosnet reserves up 2.5%

By Reuters

Rosneft kept its grip firmly on the top spot among world's publicly traded oil companies as it reported yesterday a 2.5 per cent rise in hydrocarbon reserves for 2009 under PRMS rules.

The state-controlled firm has been a chief driver behind Russia's recent surge in oil output, which last month remained above 10 million barrels per day, mainly thanks to Rosneft's huge newly commissioned Arctic Vankor field.

In January, Rosneft also announced the discovery of a new field in East Siberia, Sevastyanovo, that analysts said could potentially add four per cent to Rosneft's proven and probable reserves, as the field's reserves are put at 150 million tonnes.

Yesterday, Rosneft reported a 163 per cent reserves replacement ratio under the Petroleum Resources Management System (PRMS) criteria in 2009.

Russia's largest oil firm said its proved reserves under the PRMS methodology, formerly known as SPE, stood at 22.858 billion barrels of oil equivalent (boe), up 2.5 percent from 22.307 billion boe in 2008.


Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.