Rosneft announced today the results of the annual independent audit of its hydrocarbon reserves performed by DeGolyer & MacNaughton.

Rosneft’s hydrocarbon reserves as of December 31, 2008

	Oil	Gas	Oil+gas*
	mln bbl	bcf	mln boe
PRMS Classification (Petroleum Resources Management System, previously SPE)
Proved reserves	17,694	27,680	22,307
Probable reserves	10,854	18,894	14,003
Possible reserves	9,675	17,818	12,645
SEC Classification (US Securities and Exchange Commission)
Proved reserves	13,275	7,035	14,448

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

Rosneft’s total reserves comprise 100% of the reserves owned by Rosneft’s consolidated subsidiaries and Rosneft’s net share in affiliates’ reserves

According to the audit results, as of December 31, 2008, Rosneft had estimated net proved reserves of 22,307 mln boe, which include 17,694 mln bbl (2,421 mln tonnes) of oil and 27,680 bcf (784 bcm) of gas under the PRMS classification (previously SPE). In 2008, proved hydrocarbon reserves grew 2.8% over 2007, with oil reserves increasing by 1.0% and gas reserves increasing by 10.2%. The reserve replacement ratio was 172%, including 123% for oil. Rosneft’s hydrocarbon reserve life was 26 years, 23 years for oil and 69 years for gas.

Rosneft’s probable and possible reserves under the PRMS classification were estimated by DeGolyer & MacNaughton at 14,003 and 12,645 mln boe, respectively. These reserves include 10,854 mln bbl (1,480 mln t) of oil and 18,894 bcf (535 bcm) of gas of probable reserves, and 9,675 mln bbl (1,311 mln t) of oil and 17,818 bcf (505 bcm) of gas of possible reserves.

DeGolyer & MacNaughton also performed a reserve audit under the SEC life-of-field classification. Proved reserves were estimated at 14,448 mln boe, including 13,275 mln bbl (1,819 mln tonnes) of oil and 7,035 bcf (199 bcm) of gas.

The audit results confirm Rosneft’s global leadership among publicly traded oil companies in terms of liquid hydrocarbon reserves under both PRMS and SEC life-of-field classifications.