Petroneft reports increased reserves

Russian-focused Irish exploration company Petroneft Resources has reported a 36 per cent increase to 131.7 million barrels of oil.

2nd April, 2012

Russian-focused Irish exploration company Petroneft Resources has reported a 36 per cent increase to 131.7 million barrels of oil (mmbbls).

The company said that its proven reserves rose 50 per cent to just over 20 million barrels of oil, it said in a reserves and operations update.

The principal changes from the previous year’s report were the addition of proved and probable reserves at the Sibkrayevskoye and North Varyakhskoye oil fields which were discovered in August and September 2011...

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