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Rosneft Reports First Quarter Results ahead of the Geologists Day

03 April 2015

Rosneft significantly increased the volume of geological exploration.

Since the beginning of 2015, testing of four exploration wells was completed, a total of 28.5 thousand meters was drilled and the amount of Rub 10.819 bln. was invested in geological exploration operations. Nine seismic exploration projects were completed, including acquisition of 1, 222 line km of 2D seismic and 4,205 sq. km of 3D seismic. As compared to the first quarter 2014, the Company increased the rate of 2D seismic acquisition more than three times, and the rate of 3D seismic acquisition - by 17%.

A total of 11 new deposits with (АВС1+С2) reserves of about 5.5 mln TOE were discovered in the first quarter. Also, as a result of L'nyanaya № 30 exploration well drilling in the Samara Region the field of the same name holding 110 thousand tons of С1 oil reserves was discovered. The field was included in the State Reserve Register in Q1, 2015.

As a result of exploration well testing in Kamelikskiy license, Orenburg Region, gas condensate inflow of over 300 CMPD was obtained, and the field that was given the same name was discovered. Expected С1 reserves addition is 805 thousand TOE, and С2 reserves addition is 733 thousand TOE. The field will be included in the State Reserve Register within 2015.

The Company acquired five licenses in Samara Region, Khanty-Mansiysk and Yamalo-Nenetskiy Autonomous Regions and in the Republic of Inguishetia with (АВС1+С2) reserves amounting to 7.6 mln TOE.

Exploration activity is followed-up by active development of appraised reserves. Successful commissioning of Vstrechnoye field (OOO RN-Yuganskneftegaz) in 2014 is an example of bringing reserves into development. Ten horizontal wells with average flow rate of 352 tpd were drilled at the field. Along with that, the study of the field geology continues. The geological model of the field was updated based on 3D seismic interpretation performed in 2014, resulting in five-fold increase in in-place reserves from 15 to 78 mln tons (С1+С2 reserves) due to extension of deposit boundaries.

The Company has been carrying out planned development of resources in East Siberia, where in the past 5 years it added 412 mln TOE of commercial С1 reserves. In addition to the fields currently under development (Vankor, Verkhnechonskoye field), Severo-Danilovskoe field was put on pilot production in Q1 2015 with naturally flowing wells producing over 200 tpd.

Rosneft is carrying out operations in 51 license areas on the shelf of the Russian Federation. The processing of the following data is currently underway - 79,873 line km of 2D seismic, 14, 243 sq. km of 3D seismic and 235, 099 line km of gravity and magnetic data. Interpretation of seismic data from 20 projects is being carried out, the total volume of the data being: 2D seismic - 134,273 line km, 3D - 3,569 sq. km. Preparations are currently in progress for 2D and 3D seismic acquisition in 10 licenses, and for site engineering surveys in two licenses.

Preparation work for the drilling of Geologicheskaya-1 well in Temryuksko-Akhtarskiy license in the Azov Sea in 2015 as well as for drilling operations in four licenses in 2016, are in progress.

Notes for editors:

Successful exploration and appraisal activities of Rosneft in 2014 resulted in discovering of 64 new accumulations and 5 fields, including 2 fields on the shelf. Total reserves of the discoveries are about 560 mln TOE.

In addition, in 2014, Rosneft acquired 28 subsoil use licenses holding (100%) 84 mmt of oil and condensate and 291 bcm of gas reserves (АВС1+С2), 622 mln tons of oil and condensate resources and 1.19 TCM of gas resources.

In 2014, Rosneft spent a total (including working interest of the partners) of RUB 120 bln. on exploration and appraisal activity, which is RUB 38 bln. more than in 2013, having added С1 oil and condensate reserves in the amount of 327 mln tons (including partners' WI and addition due to reserves re-estimation) and 192 BCM of gas. Thus, Rosneft delivered over a third of total oil and condensate reserves growth in Russia.

The investments were directed to the drilling of 97 exploration and appraisal wells. The share of exploration wells was 46%, and exploration and appraisal drilling success rate reached 80%. The total volume of seismic operations carried out the last year is 33 thousand line km of 2D seismic and 22 thousand km2 of 3D seismic.

Discovery of Pobeda field in the Kara Sea, and completion of the appraisal and bringing into development the license area "Northern Tip of Chayvo Field" are among the most significant results of 2014. A considerable amount of geological information on license areas was acquired, new prospective structures were identified, and a number of structures were prepared for exploration drilling.

Rosneft Information Division
tel.: + 7 (499) 517-88-97
April 3, 2015