Feb. 3 (Bloomberg) -- BP Plc, Europe’s second-largest oil company, didn’t book East Siberia-based Kovykta natural gas resources this year after talks with OAO Gazprom, Russia’s state-owned gas monopoly, on the sale of the asset stalled.

New oil and gas discoveries in Angola, Egypt, Algeria and the North Sea will help BP achieve a resource-to-production replacement ratio of more than 200 percent and reserves replacement of over 100 percent as of the end of last year, BP Chief Executive Officer Tony Hayward said today.

“We don’t have any resources, or indeed reserves, obviously booked for Kovykta currently,” Hayward said on a conference call with investors today. The company included Kovykta resources in its calculations for 2007, he said.

Gazprom reached an initial sale agreement with TNK-BP, of which London-based BP holds 50 percent, in June 2007 after environmental regulators threatened to withdraw the license for Kovykta. The field has enough gas reserves to supply Asia for five years.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

Last Updated: February 3, 2009 11:14 EST