MOSCOW, March 6 (RIA Novosti) - The Russian-British joint venture TNK-BP said Tuesday its proven oil reserves as of December 31, 2006 stood at 7.81 billion barrels of oil equivalent (BOE).
The figures are based on an independent audit conducted by the international firm DeGolyer & MacNaughton using criteria stipulated by the standards set by the United States Securities and Exchange Commission (SEC) on a life-of-field basis.
The audit represents the fourth independent survey of the company's reserves since its creation in August 2003.
Based on SEC criteria, TNK-BP replaced 129% of 2005 production with new proven reserves.
