Oil and gas reserves and resources are fundamental assets of any oil and gas company. They affect market value of companies, determine the basis and criteria for lending for banks, as well as the business activity and strategic planning when making the most important investment decisions. Estimation of reserves and resources provides a benchmarking for comparing companies with each other and is the basis for calculating depreciation and depletion of capital. Zarubezhneft JSC, as a company is operating not only in Russian Federation, but also abroad. In 2013 it was decided to make independent reserves audit according to the international classification SPE PRMS developed by the International Society of Petroleum Engineers (SPE) and the US Securities and Exchange Commission (SEC) in order to ensure transparency of financial reporting to the State and foreign partners. Since 2018, Zarubezhneft JSC started making its own assessment of reserves. This allowed the Company developed own competence and canceled independent auditor service by the end of 2020. All the necessary work is carried out by Corporate Reserves Group, which includes specialists from the Corporate Center and VNIIneft. The reserves audit process in Zarubezhneft JSC has become an effective, understandable and demanded tool for top management to plan, analyze and monitor the state of the company's reserves and resources, providing reliable and easily interpretable estimates for making management decisions. The continual development of automation of assessment processes has made it possible to reduce the time spent by specialists for performing routine operations, minimize the human factor, increase the time for analyzing obtained results and increase the reliability of the assessment.
References
1. Petroleum resources management system, SPE, 2018, Version 1.01, URL: https://www.millerandlents.com/wp-content/uploads/2020/03/2018-Petroleum-Resources-Management-System...
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