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« February, 2017
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Geological Exploration

Rosneft is the biggest public company in the world in terms of reserves and production. Adding reserves is one of the Company’s key priorities.

In 2014, Rosneft continued efficient replacement of its resource base. The Company’s 2014 ABC1+C2 hydrocarbon reserves amounted to 129 bln boe (ca. 17 bln toe). Investment in exploration was twice the 2013 amount, primarily due to increasing the scope of offshore E&A operations.

In 2014, replacement of ABC1 commercial hydrocarbon reserves, including acquisitions, amounted to 461 mm toe, or 156% vs. 2013, and the reserves-to-production ratio (R/P) is 45 years.

The exploration program was successfully delivered. The Company carried out E&A operations in all the regions where it has the right to subsoil resource use in the Russian Federation, including the Far East, East and West Siberia, the Volga-Urals and Timan-Pechora regions, and the south of Russia. 100 exploration wells
were drilled and tested with the success rate of 80%; 5 new fields were discovered, including 2 offshore fields, and 64 new accumulations in the existing fields. The total discovered reserves amount to ca.560 mmt of oil equivalent.

Reserves additions in West Siberia — 186.5 mm tons of oil and 72.2 bcm of gas. 57 Exploration wells demonstrating an 89% success rate. Tavricheskoye field discovered as part of the Uvat project in the south of the Tyumen region plus 18 new hydrocarbon accumulations. Total reserves additions in East Siberia — ca. 49 mm tons of oil and 43.6 bcm of gas; 9 new accumulations discovered. Total reserves additions in the Volgo-Urals region — 42.5 mm tons of oil and 4.0 bcm of gas; Rudnikovskoye and Yuzhno-Barsukovskoye fields discovered in the Samara region plus 37 new hydrocarbon accumulations.

2014 saw growth in the main types of E&A operations: 2D seismic surveys went up by 3% to reach over 2,000 line km; 3D seismic surveys exceeded 9,000 demonstrating a ca. 9% growth vs. 2013; exploration drilling penetrated 223 km of rock, a 4 km growth, year-on-year. Exploration drilling efficiency demonstrated an 80% success rate vs. 76% in 2013.

With onshore E&A costs remaining practically at the 2013 level, RUB 42.9 bln, the unit cost of adding 1 ton of oil equivalent in 2014 went down by 7% to the RUB 112 level.

Prospective projects: