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Rosneft fully replaced its oil reserves in 2010

17 February 2011

Rosneft announced today the results of the annual independent audit of its hydrocarbon reserves performed by DeGolyer & MacNaughton.

Rosneft’s hydrocarbon reserves as of December 31, 2010:

mln bbl
mln boe
PRMS Classification (Petroleum Resources Management System)
Proved reserves 18,110 27,931 22,765
Probable reserves 9,978 15,369 12,539
Possible reserves 8,256 13,367 10,484
SEC Classification (US Securities and Exchange Commission)
Proved reserves 13,747 8,709 15,199

* 1 barrel of oil equivalent = 6,000 cubic feet of natural gas. Rosneft’s total reserves comprise 100% of the reserves owned by Rosneft’s consolidated subsidiaries and Rosneft’s net share in affiliates’ reserves.

According to the audit results, as of December 31, 2010, Rosneft had estimated net proved reserves of 22,765 mln boe, which include 18,110 mln bbl (2,487 mln tonnes) of oil and 27,931 bcf (791 bcm) of gas under the PRMS classification. In 2010 the oil reserve replacement ratio was 106%. Rosneft had hydrocarbon reserve life of 25 years, including 21 years - for oil and 67 years - for gas.

Rosneft’s probable and possible reserves under the PRMS classification were estimated by DeGolyer & MacNaughton at 12,539 and 10,484 mln boe, respectively. These reserves include 9,978 mln bbl (1,367 mln tonnes) of oil and 15,369 bcf (435 bcm) of gas of probable reserves, and 8,256 mln bbl (1,122 mln tonnes) of oil and 13,367 bcf (379 bcm) of gas of possible reserves.

DeGolyer & MacNaughton also performed a reserve audit under the SEC life-of-field classification. Proved reserves were estimated at 15,199 mln boe, including 13,747 mln bbl (1,887 mln tonnes) of oil and 8,709 bcf (247 bcm) of gas.

The audit results confirm Rosneft’s global leadership among publicly traded oil companies in terms of liquid hydrocarbon reserves under both PRMS and SEC life-of-field classifications.

In 2010 Rosneft increased its access to new oil & gas resources, obtaining 4 licenses to blocks on Russia’s Arctic shelf. Large potential of these blocks, which were not included in the company’s resource base for 2010, will have long-term positive impact on Rosneft’s reserves.

            Information Division
            tel.: +7 (495) 221-31-07;
            fax: +7 (495) 411-54-21;
            February 17, 2011

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no responsibility to update the forward-looking statements contained herein to reflect actual results, changes in underlying assumptions or changes in factors affecting these statements.