OREANDA-NEWS. April 27, 2007.   OJSC Rosneft (Rosneft) announced today the results of the annual independent audit of its oil and gas reserves prepared by DeGolyer and MacNaughton. According to the results, in 2006, Rosneft became the world leader among public companies in proved liquid hydrocarbon reserves under both SPE and SEC life-of-field classifications.

According to the analysis prepared by DeGolyer and MacNaughton, as of December 31, 2006, Rosneft had estimated net proved reserves of 20.089 billion barrels of oil equivalent, which include 15.963 billion barrels (2.195 billion tonnes) of oil and 24.758 trillion cubic feet (701 billion cubic meters) of gas according to the SPE classification. In 2006, proved hydrocarbon reserves grew 6.1% over 2005, with oil and gas condensate reserves increasing by 7.3% and gas reserves increasing by 1.5%. Reserve replacement including acquisitions was 273%, while organic hydrocarbon reserves replacement was 224%. Rosnefts hydrocarbon reserve life was 30 years — 27 years for oil and 51 years for gas.

The increase in proved reserves was due primarily to further exploration and development of the fields at Yuganskneftegaz and the Vankor field, as well as the acquisition of an effective 49.4% stake in Udmurtneft. Excluding acquisitions, Rosnefts proved reserves amounted to 19.765 billion barrels of oil equivalent, which include 15.639 billion barrels (2.150 billion tonnes) of oil and 24.758 trillion cubic feet (701 billion cubic meters) of gas.

Rosnefts probable and possible reserves were estimated by DeGolyer and MacNaughton at 11.305 and 10.410 billion barrels of oil equivalent, respectively. These reserves include 8.758 billion barrels of oil and 15.284 trillion cubic feet of gas of probable reserves and 7.827 billion barrels of oil and 15.493 trillion cubic feet of gas of possible reserves, according to the SPE classification.

The results of this audit confirm that Rosneft is the world’s largest oil company in terms of oil and condensate reserves under the SPE classification when compared to public companies.