2023 saw Bashneft, a subsidiary of Rosneft, add 24.4 million tons (o.e.) of hydrocarbons to its reserves thanks to its highly effective exploration operations, achieving a reserve replacement ratio of 135%. Bashneft has been successful in achieving full replacement of the liquid hydrocarbons it extracts each year by means of upping its reserves. In doing so, the company has been making a strong contribution to ensuring the fuel security of the Republic of Bashkortostan and Russia, while also helping extend the life cycle of Bashkortostan’s mature fields.
Following completion of its 2023 program for drilling of appraisal, exploration and production wells, Bashneft’s geologists discovered 32 new accumulations of oil at its fields that are currently under development, mostly spread across the Republic of Bashkortostan and in the Khanty-Mansiysk Autonomous Okrug-Yugra.
Over the past 5 years, Bashneft has discovered 7 oil fields and 298 new oil deposits found at the fields that are under development, with the majority of them occurring in the Republic of Bashkortostan. By combining the use of highly effective and advanced wellwork interventions with the implementation of state-of-the-art enhanced oil recovery methods, Bashneft was able to succeed in carrying out a major reassessment of its reserves at the company’s mature fields.
In all, between 2019 and 2023, Bashneft has increased its commercial-grade oil and gas reserves by more than 170 million tons in oil equivalent. Rosneft views improving the effectiveness of its reserve replacement efforts as one of the key elements of its growth strategy. Year after year, the company has been able to consistently replace at least 100% of the hydrocarbons it extracts.
