Raw Material Base
Gazprom Neft proven hydrocarbon reserves have increased by 100 mn TOE according to PRMS standards. Among the factors that enabled the Company to significantly expand its resource base in 2014 were geological exploration work conducted by Gazprom Neft itself, joint ventures and the acquisition of increased stakes in LLC SeverEnergia, CJSC Northgas and LLC Gazprom Neft Shelf.
1P category resource base replacement ratio according to PRMS classification (proven)
The resource base of subsidiaries is characterised by deterioration in the structure of the remaining commercial reserves due to the transition of most of the highly productive fields to late stage development and the opening of less efficient hydrocarbon fields. The efficiency of the development of these reserves can be improved, however, with the use of horizontal drilling technologies.
Data does not include reserves and production volume of NIS a. d. Novi Sad.Dynamics of the raw materials resource base for 2013–20141, mn TOE
For more than 16 years, the Company’s reserves have been audited in accordance with PRMS-SPE (Society of Petroleum Engineers) standards and according to the more conservative SEC (U.S. Securities and Exchange Commission) standards. The audit is conducted at all fields based on an assessment of a representative sample of Gazprom Neft fields, which account for 99% of Russia’s АВС1 category reserves.
According to a report by independent engineers and reserve appraisers from DeGolyer and MacNaughton (the Company’s reserves were estimated by Miller and Lents, Ltd in 2007 and 2006), Gazprom Neft had total hydrocarbon proved and probable reserves of 2,555 mn TOE (1,824 mn tonnes of oil and 911 bn m3 of gas) according to PRMS international standards as of 31 December 2014, not including NIS. The Company’s current PRMS proved hydrocarbon reserve life indicator is more than 20 years.