Russia to Harmonize Reserves Standards by 2012 - Official



MOSCOW (Dow Jones)

Russia plans to harmonize its oil and gas reserves classification with international standards by 2012, the Resources Ministry said Wednesday.

"From 2012, Russia should introduce a new classification of hydrocarbon reserves in harmony with international SPE [Society of Petroleum Engineers] PRMS standards," said Grigori Vygon, head of the ministry's economy and finance department.

He said gas reserves of Russia's state-run OAO Gazprom (GAZP.RS) under Russian standards are 25% higher than those under international standards.

Russia had originally planned to introduce the new standards in 2009, but then postponed the introduction.

Copyright (c) 2010 Dow Jones & Company, Inc.