Bashneft Boosts Reserves After AFK Sistema Purchase

OAO Bashneft (BANE) said it boosted proved oil reserves to 1.27 billion barrels last year after billionaire Vladimir Yevtushenkov’s AFK Sistema holding company took control of the Russian petroleum producer.

The stocks increased by 7.5 percent from April 2009, when Sistema had already bought its stake, Bashneft said today in an e-mailed statement.

The company said it had 70 percent of its recoverable reserves audited by Miller & Lents under Petroleum Resources Management System standards and plans to have the remainder audited “in the future.”

Bashneft, which mainly produces crude in Bashkortostan, central Russia, said that was the first independent audit of its oil reserves over the last 12 years.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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