Rosneft is the latest Russian oil company to report a rise in its reserves under Russian reporting standards, with 172 per cent of its production replaced to its reserves. At the end of last year it had 23.3bn barrels equivalent of oil and gas in its reserves under Russian standards, 17.7bn barrels of that in oil.
On the SEC’s definition, however, Rosneft failed to replace all the oil and gas it produced: its reserves fell very slightly from 14.5bn boe at the end of 2007 to 14.45bn boe at the end of 2008.
It was the same picture at TNK-BP, where on the SEC definition the company replaced just 82 per cent of its production last year.
Still, compared to some western companies, that performance is still pretty good.