Bashneft announces results of the regular independent oil reserves audit held by Miller and Lents, Ltd. under PRMS (Permanent Resources Management System)
According to the oil reserves audit, Bashneft proven reserves amounted to 2 006.8 mln. barrels as of December 31, 2012. The audit shows the proven reserves replacement rate in 2012 amounted to 123.4%. According to the results of the audit, the Company has a reserves-to-production ratio of 18.3 years.
Probable and possible oil reserves amount to 1185.7 mln. barrels of oil as of December 31, 2012 under PRMS, Miller and Lents, Ltd. reports. In the meantime probable reserves rose 25.7% to 528.3 mln. barrels year-on-year and possible reserves grew by 12.9% to 657.4 mln. barrels.
Among the key drivers of reserves growth is the new Afanasyev field in the Republic of Bashkortostan as well as clear definition of some field boundaries and favorable global oil prices. Besides, Miller and Lents, Ltd. confirmed efficiency of interventions at well stock which also contributed to oil reserves growth.
«Audit results prove effectiveness of Bashneft strategy aimed to boost exploration activities in our traditional oil production regions, - Bashneft President Alexander Korsik said. –Successful exploration program and state-of-the-art technologies makes it possible for us to consistently replace current production with proven reserves and generate potential for future reserves growth owing to the rising probable and possible oil reserves».
Miller and Lents, Ltd also estimated technically recoverable resources (conditional and prospective) as of December 31, 2012 at the area including Trebs and Titov oil fields in the Nenets Autonomous Region, for which Bashneft obtained the license in February 2011.
The auditor broke down 743 mln. barrels of conditional 3C reserves (maximum value) and 60 mln. barrels of prospective reserves (ton to barrel conversion factor is 7.45) at the mentioned deposits into the hydrocarbons subclass of economic significance stage of «Pending development» project.
Bashneft continues exploration drilling activities at the mentioned fields along with core sampling and formation testing. The Company also runs 3D seismic and additional testing of earlier drilled prospecting wells.