Gazprom Neft has a significant resource base which it has grown year on year. This has been achieved through intensive geological exploration, efficient development of the Company’s existing fields as well as the acquisition of new assets in Russia and internationally.
For over 15 years, the Company’s reserves have been audited to both PRMS-SPE standards and also the more conservative standards of the US Securities and Exchange Commission (SEC). The audit is carried out on all oil fields on the basis of an assessment of Gazprom Neft’s representative oil fields, which comprise
Based on the report prepared by independent petroleum reserve surveyor DeGolyer and MacNaughton (in 2007 and 2006 the Company’s reserves were estimated by Miller and Lents, Ltd), as of 31 December 2014 Gazprom Neft’s total proven and probable hydrocarbon reserves (including the Company’s share in affiliates’ reserves on a pro-rata basis) under international PRMS-SPE standards totalled 2.55 billion toe not including NIS, a rise of more than 11% or 264 million toe on 2013. In 2014, Gazprom Neft replaced production (66.2 million toe) with new reserves almost five-fold (497%).
Breakdown of resource base1
Proven hydrocarbon reserves exceed 1.44 billion toe, making Gazprom Neft one of the 20 largest oil companies in the world.
In 2014, the replacement ratio for category 1P (proven) resources under the PRMS classification was 254%.