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Reserves and resources

In 2018, the Company developed in accordance with its strategic goals and maintained its leading position in terms of proved hydrocarbon reserves among the world's public oil companies.

As of December 31, 2018, Rosneft's proved hydrocarbon reserves under the SEC classification amounted to 41,431 million barrels of oil equivalent (5,597 million toe)*. Hydrocarbon reserves increased by 1,524 mln boe compared to the end of 2017 (202 million toe) or 4%. The audit was conducted by DeGolyer&MacNaughton, which provides for the assessment of reserves by the end of the period of profitable field development.

As a result of 2018 operations, Rosneft’s proven hydrocarbon reserves under the SEC classification were estimated as sufficient for 20 years. The replacement factor for proven hydrocarbon reserves under the SEC classification in 2018 amounted to 173%**.

For a number of years Rosneft has been the leader among the largest public international oil and gas companies in terms of proved reserves under the SEC classification and by replacement ratio. At the same time, the Company demonstrates the lowest costs of hydrocarbon exploration and development among international energy companies.

According to the PRMS (Hydrocarbon Resources Management System) classification, DeGolyer&MacNaughton estimated hydrocarbon reserves in the 1P category of 47,045 million barrels of oil equivalent  as of December 31 2018. (6,368 million toe), 2P - 84,094 million boe  (11,388 million toe), in the 3P category - 121,165 million boe (16,426 million toe).

The increase in the reserves assessment in 2018 was due to the successful geological exploration, commissioning of new field areas, as well as effective work to improve field development in both traditional oil production regions (RN-Yuganskneftegaz, RN-Nyaganneftegaz) and new projects (East Siberian fields).

* - including fuel gas
* - The replacement ratio is calculated in tons of oil equivalent. The replacement ratio in barrels of oil equivalent was 175%.