A revised report provided by Miller & Lents, Ltd., said Tatneft's proven reserves of crude and condensate stood at 5,801.1 million barrels as of 1 January 2005, down from the earlier reported figure of 5,962.5 mln. The company's future net revenues discounted at the standard 10% rate were $11.8 billion, down from the previously reported figure of $17.3 bln.
The company said the revision was required due to errors in the oil prices applicable to its oil sales in 2004, alongside its share in production at two relatively small oil fields in the Republic of Tatarstan, in each case used by independent consultants Miller & Lents, Ltd. to valuate the company's oil and gas reserves and future net revenues as of 1 January 2005.
Tatneft's charter capital amounts to 2.32 billion rubles (about $84 million). The company operates in the Volga republic of Tatarstan. The republic's government owns a majority stake.