Total hydrocarbon reserves at Gazprom Neft up 5.6 percent in 2015, giving a reserve-replacement ratio of 279 percent

As at 31 December 2015 total proved and probable (proved + probable — 2P,* SPE-PRMS international standards**, including those held by joint enterprises*) hydrocarbon reserves at Gazprom Neft totalled 2.7 billion tonnes of oil equivalent (Gtoe) — an increase of 143 million tonnes (5.6 percent) year-on-year. On that basis, new reserves (at 79.7 mtoe) indicate a reserve-replacement ratio of 279 percent.

Proved reserves (proved, 1P) at the end of 2015 totalled 1.52 Gtoe — an increase of 5.2 percent year-on-year, giving a reserve-replacement ratio of almost two-fold, at 193 percent.

The significant increase in the company’s resource base in 2015 can be attributed to geological prospecting works, undertaken by Gazprom Neft independently, as well as in conjunction with joint enterprises; to the application of new technologies in production drilling, and in enhanced oil recovery; and to the acquisition of greater holdings in SeverEnergia and Northgaz. The exploration drilling success rate at Gazprom Neft over the course of 2015 was in excess of 90 percent, with 35 hydrocarbon deposits discovered over the past year — 32 of which held oil reserves, two gas condensate, and one gas.

Gazprom Neft CEO Alexander Dyukov commented: “Continuing to increase reserves in excess of production levels is a key strategic objective for Gazprom Neft. In consistently improving production figures our company is committed to ensuring availability of reserves sufficient to offset hydrocarbon production of 100 million tonnes per year (a level we expect to reach by 2020). Gazprom Neft will maintain investment in further expanding the company’s resource base throughout 2016, and will continue geological prospecting both at existing fields and at new and promising concessions.”

Reference

* Gazprom Neft’s total reserves include allocations proportional to the company’s interests in affiliated companies (including Slavneft, Tomskneft, Salym Petroleum Development, SeverEnergia, Messoyakhneftegaz and Northgas, as well as assets in Iraq and Venezuela), but exclude the company’s reserves arising from its interests in NIS, Serbia.

Auditing of reserves attributable to Gazprom Neft and its joint enterprises was undertaken by independent oil and gas consultancy DeGolyer and MacNaughton.

** Developed by the Society of Petroleum Engineers (SPE), the SPE’s Petroleum Resources Management System (SPE-PRMS) is the most widely used reserves classification system in the world, reflecting not only the likely detection of oil and gas reserves within a field, but also the economic viability of their recovery, with reserves classified according to three categories: 3P — proved, probable, and possible.

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