April 19, 2010
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Bashneft Conducts First International Audit in Twelve Years

Bashneft has conducted an independent audit of its reserves for the first time in 12 years, the company reported in a news release. The audit was conducted by Miller&Lents using PRMS (Petroleum Resources Management System) criteria. As of December 31, 2009, the company owned licenses to 177 hydrocarbon fields, 162 of which are currently in industrial production.

During the first stage of the audit, Miller&Lents evaluated 34 fields which account for 70 percent of Bashneft’s ABC1 recoverable reserves and about 80 percent of its daily yields.

The audit showed that as of December 31, 2009, Bashneft had 1.269 barrels of category 1P reserves.

“We are pleased with this audit”, Bashneft President Viktor Khoroshavtsev said in a statement, “At this level of production, the company has proven reserves to last over 20 years”.

Copyright 2010, Bashneft. All rights reserved.


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