TNK-BP Announces 2011 International Reserves Audit – Reserve Replacement at 145%
TNK-BP published the results of an international audit of its reserves at the end of 2011.
As of December 31, 2011, the total proved SEC life-of-field (LOF) reserves of TNK-BP consolidated subsidiaries, estimated according to the criteria of the US Securities and Exchange Commission (SEC), amount to 9.115 billion barrels of oil equivalent.
After addition of 0.97 billion barrels of proved reserves, the total proved SEC life-of-field (LOF) reserves replacement ratio amounted to 145% in 2011. The average SEC LOF reserves replacement ratio of TNK-BP in the past eight years amounted to 140%.
As of December 31, 2011, the total proved reserves of TNK-BP consolidated subsidiaries estimated according to the PRMS (formerly SPE) criteria amounted to 13.77 billion barrels of oil equivalent. Thus, the proved PRMS reserves replacement ratio in 2011 was 203%.
Active development of the Rospan fields, acquisition of new licenses, engineering surveys and intensive exploration drilling in the new and old fields of the company, primarily in the Verkhnechonskoe field in East Siberia, and more efficient development of several fields in the Orenburg Region made the largest contribution into the addition of reserves. The favorable market conditions were also conducive to the growth of reserves replacement ratio in 2011.
In 2011, the company sealed a deal for acquiring assets in Vietnam, as a result of which proved reserves amounting to 30.6 million barrels of oil equivalent, according to the SEC criteria, were added to the company’s balance after auditing the fields in Vietnam.
Apart from that, the company’s reserves increased owing to efficient development and implementation of the program for construction of captive power plants, which made it possible to include the gas supplied for captive power generation in the reserves.
Through exploration and appraisal works, TNK-BP added oil and gas resources of 422 million barrels of oil equivalent, which may be considered as successful replenishment of the resource base in 2011.
“Achievement of a SEC LOF reserves replacement ratio of 145% is an excellent result, which was made possible by extensive application of advanced technologies and latest innovations by the company,” said Francis Sommer, Senior Vice President, Operations and Technology, TNK-BP. “More efficient development drilling in new fields and extensive development of promising Rospan fields together with maintenance of the production level in mature fields allowed the company to successfully increase its resource base.”
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