Yukos Revises Yugansk Oil Reserves Up Fivefold to 93.7 billion barrels

For those of you interested in how companies set their reserves, a fresh example of an arbitrary fix.

Russian oil major YUKOS, fighting to prevent a cheap fire sale of assets in a tax dispute with the state, boosted oil-reserve estimates of its core Yugansk unit fivefold today.

Siberian exploration work showed that Yugansk contained 93.7 billion barrels of oil reserves, up from 19.4 billion barrels previously, YUKOS said. The reserves estimate had not been audited by a Western firm, however, it added.

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