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Rosneft world’s largest public oil company

24th January 2013

As of December 31, 2012 Rosneft proven hydrocarbon reserves stood at 19,026 million boe – Rosneft

Rosneft world’s largest public oil company
The increase in gas reserves, which grew 1.3 times against the same point in 2011, was attributed to the acquisition of gas fields of Itera NGK

Russian state-run oil company Rosneft has reaffirmed its position as the world’s largest public oil company, it emerged on Tuesday, after the company announced that its reserve replacement ratio at the end of 2012 had exceeded the 130 per cent mark.

Texas-based petroleum consulting company DeGoyler and MacNaughton audited Rosneft’s hydrocarbon reserves, putting them at a total of 19,026 million barrels of oil equivalent (boe). This includes oil reserves of 14,592 million barrels (2 per cent growth) and gas reserves of 26,599 billion cubic feet (33 per cent growth).

The increase in gas reserves, which grew 1.3 times against the same point in 2011, was attributed to the acquisition of gas fields of Itera NGK, Rosneft said.

Late last year, Rosneft entered into definitive agreements with BP for the purchase of BP’s 50 per cent interest in TNK-BP, Russia’s third largest oil producer.

Rosneft is also in advanced negotiations with the AAR consortium (Alfa Group, Access Industries and Renova) for a definitive agreement to acquire AAR’s 50 per cent interest in TNK-BP. If successful in acquiring both BP’s and AAR’s stake in TNK-BP, the country’s third largest oil company will now be owned by the Russian government.