Lundin Sees 12% Increase in Reserves
Lundin Petroleum AB
Lundin Petroleum reports the results of its third party reserves certification of proven and probable reserves as of January 1, 2006.
The third party reserve certification completed by Gaffney Cline has resulted in net proven and probable reserves increase to 146.1 million barrels of oil equivalent (MMBOE) as at January 1, 2006. This equates to a 12% increase of reserves since January 1, 2005 taking into account actual 2005 production.
MMBOE |
|
Gaffney Cline 01.01.2005 reserves |
142.9 |
2005 Production |
-12.1 |
Gaffney Cline 01.01.2005 reserves at 01.01.2006 |
130.8 |
Gaffney Cline 01.01.2006 reserves |
146.1 |
Reserve increase |
12% |
Reserve replacement ratio | 126% |
The proven and probable reserves have been calculated using Society of Petroleum Engineers and World Petroleum Congress joint definitions.
Ashley Heppenstall, CEO & President of Lundin Petroleum commented:" We are very pleased to have continued to increase our reserves in 2005 particularly in our core areas in the UK and Norwegian North Sea."
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea