YUKOS reports its oil and gas reserves

DeGolyer&MacNaughton, a US company, has completed the audit of oil reserves of YUKOS, a Russian oil and gas giant. According to the press service of the Russian oil company, in accordance with the SPE-standard methodology of evaluating reserves, the total proved reserves of YUKOS grew in 2001 by 1.1 billion barrels to 13.3 billion barrels as compared to 2000. The total proved oil reserves of the company grew 6.6 per cent - from 1.612 billion tons of oil (11.769 billion barrels) in 2000 to 1.718 billion tons of oil (12.581 billion barrels) in 2001. The company's total proved gas reserves grew 74 per cent - from 73 billion cubic meters (2.591 trillion cubic feet) in 2000 to 127 billion cubic meters (4.49 trillion cubic feet) in 2001. The company's total proved oil reserves were 1.313 billion tons (9.63 billion barrels), while its gas reserves - 71 billion cubic meters (2.511 trillion cubic feet) as of December 31, 2001. YUKOS' reserves as of December 31, 2001 were evaluated according to SPE standards along with the requirements of the US Federal Securities Commission (SEC) on the basis of the single price and value indicators, which complies with the standards of accounting reports of SEC, according to YUKOS press service.

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