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OAO NGK Slavneft incremented oil reserves under SEC and PRMS

29.02.2012

As of December 31, 2011, the audited proved recoverable oil reserves of OAO NGK Slavneft estimated under SEC LOF (U.S. Securities and Exchange Commission), excluding the licenses validity, made 1,642 mln bbl. The Company’s proved reserves increased by 6.2 mln bbl, or 0.4% vs. 2010.
The Holding’s reserves replenishment rate achieved 104.7% under SEC; this rate is calculated as the ratio of the proved recoverable reserves increment (138.6 mln bbl) to the oil produced in 2011 (132.4 mln bbl).
In 2011, the Company discovered 17 new hydrocarbon deposits at 4 license areas located in the Khanty-Mansi Autonomous Area-Yugra and Krasnoyarsk region.
The Slavneft’s cumulative proved associated gas reserves under SEC LOF decreased by 10.6 % (29.2 bln cubic feet) vs. the previous year and made 245.6 bln cubic feet.
As of December 31, 2011, the total proved oil reserves of OAO NGK Slavneft under SEC LE (including the licenses validity) made 1,596.09 mln bbl that is 10 mln bbl, or 0.6% above the 2010 level. The proved gas reserves under SEC LE decreased by 10.6% (28.3 bln cubic feet) to 238.8 bln cubic feet over the reporting period.
As of December 31, 2011, the proved boe reserves of OAO NGK Slavneft under PRMS achieved 7,564.4 mln bbl and increased by 179.9 mln bbl, or 2.4% vs. 2010. Within the period specified, the gas reserves under PRMS decreased by 76.9 bln cubic feet, or 12% in 2010 and made 563.5 bln cubic feet vs. 640.4 bln cubic feet in 2010.
According to the independent audit appraisal, the commercial associated gas reserves decline is caused by decreased gas production at the mature fields and increased associated gas volumes used by the Company for own needs.
In 2011, DeGolyer and MacNaughton conducted the independent audit of the Company’s hydrocarbon reserves at 34 fields, 32 of which are located in KhMAO-Yugra and 2 – in the Krasnoyarsk region.

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