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

15 February 2016

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.”