SGTZY Surgutneftegas PJSC (CE)

By James Marson

OAO Surgutneftegaz (SNGS.RS), Russia's No. 3 crude oil producer, Friday said it replaced more than double its production in 2012.

Recoverable reserves grew by 124 million metric tons in 2012, while production was 61.4 million tons, Surgutneftegaz said in a statement. The increase in recoverable reserves was due to large-scale exploration work and enhanced oil recovery projects, it said.

Write to James Marson at james.marson@dowjones.com

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