Anglo-Russian oil joint venture TNK-BP Ltd., half-owned by BP PLC (BP), said Tuesday it added more hydrocarbons to its reserves than it produced in 2011, posting a reserve replacement rate of 145%.
Anglo-Russian oil joint venture TNK-BP Ltd., half-owned by BP PLC (BP),
said Tuesday it added more hydrocarbons to its reserves than it produced in
2011, posting a reserve replacement rate of 145%.
The company added 970 million barrels of oil equivalent to its reserves last
year, mainly due development of its Rospan fields in northern Russia and
exploration drilling at the Verkhnechonskoye field in East Siberia, as well as
acquisitions of new licenses, TNK-BP said in a statement.
TNK-BP's proven reserves totaled 9.115 billion barrels of oil equivalent as of
Dec. 31, in accordance with the US Securities and Exchange Commission
standards.
Under the Petroleum Resources Management System, which attempts to capture the
size, maturity and range of uncertainty of petroleum-estimated volumes, the
company's proved reserves totaled 13.77 billion barrels of oil equivalent,
representing a reserve replacement ratio of 203%.
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