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.
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