Russian state-run oil producer Rosneft has published an update of its SEC (Securities and Exchange Commission) proven hydrocarbon reserves. They increased by 202 Mtoe (+4%) in 2018, reaching 5,597 Mtoe. The company's hydrocarbon reserves replacement ratio stood at 173% in 2018, while the SEC proven reserves life was estimated at more than 20 years.
The main driver behind this result is the improvement of development performance both in the traditional production regions operated by its affiliates (Yuganskneftegaz, Nyaganneftegaz) and the new projects such as the East Siberia fields.
Rosneft is one of the world's largest crude oil producers with about 4.5 mb/d. In May 2018, Qatar Investment Authority's subsidiary QH Oil Investments acquired a 18.93% stake in Rosneft for €3.7bn, making it the third largest shareholder after the Russian state government (50%) and BP (19.75%), following the cancelled sale of the stake to Chinese conglomerate CEFC.