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.
The Company’s reserves are audited according to PRMS-SPE standards and the more conservative SEC standards. Based on the report of DeGolyer and MacNaughton’s independent reservoir engineers, total proven and probable hydrocarbon reserves (including the Company’s stake in the reserves of affiliates accounted for using the equity method) amounted to 2,699 million TOE (1,840 million tonnes of oil, 1,070 billion m3 of gas), excluding NIS, as of 31 December 2015. The Company’s current proven reserves-to-production ratio according to PRMS classification is more than 20 years.
Proven hydrocarbon reserves exceed 1.44 billion toe, making Gazprom Neft one of the largest oil companies in the world.
In 2015, the replacement ratio for category 1P (proven) resources under the PRMS classification was 279%.