Gazprom Neft ups O&G reserves by almost 9% in 2011

As at 31 December 2011, the total proven and probable reserves of Gazprom Neft group under PRMS international standards amounted to 11.577 billion barrels of oil and 15.720 trillion cubic feet of gas, which translates into 14.197 billion barrels of oil equivalent.

Compared with the end of 2010, Gazprom Neft’s hydrocarbon reserves increased by 8.78% (1.145 billion barrels of oil equivalent). Considering its production volume for 2011, the replacement level of Gazprom Neft’s category 2P hydrocarbon reserves was 379% (1.567 billion barrels).