Russia is one of the key players in the Arctic with ambitions to continue development its Arctic oil resources. Nowadays the only fully launched oil and gas offshore project in Russia is the platform Prirazlomnaya, a number of other projects are at the various stages of realization and their...

Oil and gas reserves are the most important assets of oil and gas companies. A source of confusion for investors in oil companies, is that reserves quantities and values are uncertain estimates. Reserves are typically classified according to probabilities of recovery from underground reservoirs....

This paper examines how oil and gas companies’ reserves growth affects their share price returns. In particular we examine three issues affecting the relation between reserves changes and oil and gas firm returns. First, we examine if investors value reserves replacement as a result of...