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. Last Updated: 07/27/2016

Rosneft Says It Has Most Oil Reserves

Rosneft said Thursday that it had become the world leader among public companies in oil reserves with a 6.1 percent increase in its total hydrocarbons reserves in 2006.

Rosneft said it had estimated proven reserves of 20.09 billion barrels of oil equivalent, including 15.96 billion barrels of oil and 24.76 trillion cubic feet of gas under the Society of Petroleum Engineers classification.

Rosneft's proven oil and gas condensate reserves rose by 7.3 percent in 2006, while its gas reserves increased by 1.5 percent. The firm said its hydrocarbon reserve life was 27 to 30 years for oil and 51 years for gas.

"In 2006, Rosneft became the world leader among public companies in proven liquid hydrocarbon reserves under both [Society of Petroleum Engineers] and [U.S. Security Exchange Commission] life-of-field classifications," said Rosneft, the country's second-largest oil producer with output of 1.75 million barrels per day.

Under the stricter SEC classification, which takes into account reserves extractable during the company's license life, Rosneft's proven reserves are estimated at 13 barrels of oil equivalent, including 11.82 billion barrels of oil and 7.07 trillion cubic feet of gas.

Rosneft said the increase in proven reserves was mainly due to further exploration at Yuganskneftegaz, Rosneft's main production unit in west Siberia, which previously belonged to Yukos.