OREANDA-NEWS. TNK-BP today released the results of the independent audit of its reserves as at the end of 2006. This represents the fourth annual audit of the company’s reserves since its creation in August 2003.

The latest audit confirms that as of December 31st 2006, TNK-BP’s Total Proved Reserves were 7.810 billion barrels of oil equivalent, applying SEC methodology on a life of field (LOF) basis.

This constitutes a Total Proved SEC (LOF) reserve replacement ratio of 129%; exceeding for the fourth year in succession the company’s enduring objective of at least 100% reserve replacement under these criteria.

Under SPE criteria, Total Proved Reserves were 8.949 billion barrels of oil equivalent. This represents a 156% Total Proved SPE reserves replacement ratio after adjustment for divestments.