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Rosneft Oil Company

April 26, 2007

Rosneft announces total proved reserves exceeding 20 billion boe

OJSC Rosneft (Rosneft) announced today the results of the annual independent audit of its oil and gas reserves prepared by DeGolyer and MacNaughton. According to the results, in 2006, Rosneft became the world leader among public companies in proved liquid hydrocarbon reserves under both SPE and SEC life-of-field classifications.

According to the analysis prepared by DeGolyer and MacNaughton, as of December 31, 2006, Rosneft had estimated net proved reserves of 20.089 billion barrels of oil equivalent, which include 15.963 billion barrels (2.195 billion tonnes) of oil and 24.758 trillion cubic feet (701 billion cubic meters) of gas according to the SPE classification. In 2006, proved hydrocarbon reserves grew 6.1% over 2005, with oil and gas condensate reserves increasing by 7.3% and gas reserves increasing by 1.5%. Reserve replacement including acquisitions was 273%, while organic hydrocarbon reserves replacement was 224%. Rosnefts hydrocarbon reserve life was 30 years — 27 years for oil and 51 years for gas.

The increase in proved reserves was due primarily to further exploration and development of the fields at Yuganskneftegaz and the Vankor field, as well as the acquisition of an effective 49.4% stake in Udmurtneft. Excluding acquisitions, Rosnefts proved reserves amounted to 19.765 billion barrels of oil equivalent, which include 15.639 billion barrels (2.150 billion tonnes) of oil and 24.758 trillion cubic feet (701 billion cubic meters) of gas.

Rosnefts probable and possible reserves were estimated by DeGolyer and MacNaughton at 11.305 and 10.410 billion barrels of oil equivalent, respectively. These reserves include 8.758 billion barrels of oil and 15.284 trillion cubic feet of gas of probable reserves and 7.827 billion barrels of oil and 15.493 trillion cubic feet of gas of possible reserves, according to the SPE classification.

The results of this audit confirm that Rosneft is the world’s largest oil company in terms of oil and condensate reserves under the SPE classification when compared to public companies.

Rosnefts oil and gas reserves — SPE methodology

 

 

 

 

As of December, 31, 2006

Oil
Billion barrels

Gas
Trillion cubic feet

Oil + gas*
Billion boe

Proved reserves

15.963

24,758

20,089

Probable reserves

8,758

15,284

11,305

Possible reserves

7,827

15,493

10,410

* 1 barrel of oil equivalent = 6,000 cubic feet of natural gas

 

DeGolyer and MacNaughton also performed a reserve audit under the SEC life-of-field classification. Proved reserves were estimated at 13.001 billion barrels of oil equivalent including 11.823 billion barrels (1.625 billion tonnes) of oil and 7.067 trillion cubic feet (200 billion cubic meters) of gas. The results of this audit confirm that Rosneft has become the worlds largest public oil company in terms of liquid hydrocarbon reserves under the SEC life-of-field classification.

Rosnefts oil and gas reserves — SEC life-of-field methodology

 

 

 

 

As of December 31, 2006

Oil
Billion barrels

Gas
Trillion cubic feet

Oil + gas*
Billion boe

Proved reserves

11,823

7,067

13,001

* 1 barrel of oil equivalent = 6,000 cubic feet of natural gas

 

Rosnefts President, Mr. Sergey Bogdanchikov, commented:

The results of the D&M audit are another significant milestone in Rosnefts development and confirm our companys leading position in the global oil and gas sector. We are now focused on optimal development of our resource base and are aiming for industry leading growth to bring our production ranking among leading oil companies in line with our ranking in reserves. We are confident that the breadth and quality of our license portfolio, as confirmed by DeGolyer and MacNaughton, will lay the foundation for the best in class performance.

Rosnefts total reserves in all categories comprise 100% of the reserves owned by Rosnefts consolidated subsidiaries and Rosnefts net share of affiliates reserves.

 

 

 

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