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General Information

In 2017, as a result of geological exploration, 31 greenfields and 162 new deposits were discovered with total reserves of АВ1С1+В2С2 worth 233 million toe. The replacement of industrial category AB1C1 hydrocarbon reserves amounted to 518 million toe or 184% of the volume of hydrocarbon production in Russia. The hydrocarbon production recovery rate due to reserves addition has been significantly above 100% for over ten years.

In 2016, the Company commissioned 2 625 new wells (+43% above 2015).

In 2016, hydrocarbon production amounted to 265 million tons of oil equivalent, a 4.3% increase vs. 2015, while liquid hydrocarbon production amounted to 210.0 million tons.

Despite the continuing decline in base oil prices over the past 2 years, the Company shows a steady increase in volumes of commercial hydrocarbon reserves. This effect is achieved through constant production efficiency improvement of existing and launching greenfields and sites, as well as the successful implementation of the exploration program.

In 2017, the Company developed in accordance with its strategic goals and maintained its leading position in terms of proved hydrocarbon reserves among the world's public oil companies.

According to the audit performed by DeGolyer & MacNaughton, assessing the cost-effective field development throughout the field service life, as of December 31, 2017, the proven hydrocarbon reserves of Rosneft classified under the SEC (U.S. Securities and Exchange Commission) amounted to 39,803 million boe.
(5,395 million toe). The hydrocarbon reserves increased by 2,032 million boe (284 million toe) or 5%. The organic replacement ratio for hydrocarbon reserves under the SEC classification was 184%*. As a result of 2017 operations, Rosneft’s proven hydrocarbon reserves under the SEC classification were estimated as sufficient for 20 years.

According to the PRMS classification (Petroleum Resources Management System), as of December 31, 2017, hydrocarbon reserves of category 1P amounted to 46,520 million boe (6,303 million toe), 2P - 83,838 million boe (11,357 million toe), in category 3P - 120,853 million boe (16,386 million toe). The 1P stock increased by 1%; the 2P reserves increases by 2%, the total category 3P reserves increased by 4% in 2017. 

* - The replacement ratio is calculated in tons of oil equivalent. The replacement ratio in barrels of oil equivalent was 186%.

Geological prospecting

In 2017, as a result of geological exploration, 31 greenfields (onshore and offshore) and 162 new deposits were discovered with total reserves of АВ1С1+В2С2 worth 233 million toe. The replacement of industrial category AB1C1 hydrocarbon reserves amounted to 518 million toe or 184% of the volume of hydrocarbon production in Russia. The hydrocarbon production recovery rate due to reserves addition has been significantly above 100% for over ten years.