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General Information

In 2016, 13 new fields and 127 new deposits with total AB1С1 + B2C2 reserves of 207 million TOE were discovered; the replacement of hydrocarbon reserves of industrial categories AB1C1 amounted to 354 million ton of oil equivalent or 126% of the production volume in the territory of the Russian Federation. The replacement factor for new reserves has been significantly higher than 100% for over ten years.

In 2016, the Company commissioned 2625 new wells (+ 43% vs. 2015).

According to the SEC classification, as of December 31, 2016, Rosneft’s proven hydrocarbon reserves amounted to 37 772 mln barrels OE (5 111 million TOE).

In 2016, 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.

In 2016, the production of hydrocarbons totaled 265 million tons of oil equivalent, which is 4.3% higher than in 2015, while liquid hydrocarbon production amounted to 210.0 million ton.

Despite the continuing decline in basic oil prices over the past 2 years, the Company has demonstrated a steady increase in the economically efficient hydrocarbon reserves. This effect is achieved through consistent work on improving the efficiency of developing the existing deposits and areas and launching new ones, as well as the successful implementation of the geological exploration programs.

In 2016, 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 evaluating the cost-effective field development, as of December 31, 2016, Rosneft’s proven hydrocarbon reserves, including the Bashneft assets under the SEC (Securities and Exchange Commission USA) classification, amounted to 37 772 million barrels OE (5 111 million TOE). The hydrocarbon reserves increased by 970 million barrels OE (131 million TOE) or 3%*. The replacement factor for proven hydrocarbon reserves under the SEC classification was 148%*. The organic reserve replacement ratio was 140%. By the end of 2016, Rosneft’s proven hydrocarbon reserves under the SEC classification were deemed sufficient for 19 years.

According to the PRMS (Hydrocarbon Management System) classification, as of December 31, 2016, category 1R hydrocarbon reserves amounted to 46,075 million barrels OE (6,250 million TOE), category 2R - 82,087 million barrels OE (11 092 million TOE), category 3P - 116 758 million barrels OE (15 794 million TOE). The 1H reserves increased by 2%; the 2P reserves increased by 4%, the total category 3P reserves increased by 3% * in 2016.

* - the figures are calculated pro forma, taking into account the Bashneft assets in 2015 and 2016.