(BP's) Reserves are depleted, except in Russia (down 1 billion bbl)

[jpak]

http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article1480325.ece

BP suffered a one billion barrel decline in its oil and gas reserves last year, according to figures in its annual report, a loss only partially made up by its Russian arm, the joint venture TNK-BP which was the only oil province in which BP added substantial fuel to its tank.

Using SEC rules, which the company has adopted in preference to UK practice which it used last year, BP’s total oil and gas reserves fell from 14 billion to 13 billion barrels. However, its shares of barrels held by the Russian associate, TNK-BP rose from 3.9 billion to 4.5 billion.

Last year, BP added 329 million barrels to its proved reserves, excluding the Russian, but these barrels represented improved recovery from existing fields, rather than new discoveries.

Most of the additions to BP’s reserves were in the UK, where it added barrels in the West of Shetlands oilfields, the US and in Angola. BP has an active exploration programme in Angola, one of the few oil provinces where Western companies are making big finds.

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