DNO’s 100 Percent Reserves Replacement in 2018

Posted On February 11th, 2019 - 10:33 am | by Oil and gas press

DNO ASA, the Norwegian oil and gas operator, today announced it replaced 2018 production through additions to reserves, marking the second consecutive year in which the Company’s replacement of proven reserves reached or exceeded 100 percent of production.

“DNO’s stellar record of reserves replacement through the drill bit is a result of stepped up spending on our portfolio of quality assets coupled with rapid-fire execution,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman. “And the barrels we continue to add are among the lowest cost in the industry, anywhere,” he expounded.

Yearend 2018 Company Working Interest (CWI) proven (1P) reserves stood at 240 million barrels of oil (MMbbls), unchanged from yearend 2017 after adjusting for production and technical revisions. On a CWI proven and probable (2P) reserves basis, DNO replaced 98 percent of its 2018 production, exiting the year with CWI 2P reserves of 376 MMbbls (384 MMbbls in 2017).

At 2018 production rates, DNO’s 1P reserves life is 8.2 years and its 2P reserves life is 12.9 years.

Significantly, the Company’s 1P reserves replacement ratio (RRR) has reached or exceeded 100 percent in eight of the past ten years.

On a gross basis, at the Tawke license in the Kurdistan region of Iraq containing the Tawke and Peshkabir fields, yearend 2018 1P reserves stood at 348 MMbbls, unchanged from 2017 after adjusting for production of 41 MMbbls and upward technical revisions of 41 MMbbls. Tawke license 2P reserves stood at 502 MMbbls (513 MMbbls in 2017) and proven, probable and possible (3P) reserves at 697 MMbbls (880 MMbbls in 2017).

Broken down by field, Tawke field gross 1P reserves stood at 294 MMbbls (335 MMbbls in 2017), 2P reserves at 376 MMbbls (438 MMbbls in 2017) and 3P reserves at 477 MMbbls (588 MMbbls in 2017). Peshkabir field gross 1P reserves stood 54 MMbbls (13 MMbbls in 2017), 2P reserves at 126 MMbbls (75 MMbbls in 2017) and 3P reserves at 220 MMbbls (292 MMbbls in 2017).

International petroleum consultants DeGolyer and MacNaughton carried out the annual independent assessment of the Tawke license. The Company internally assessed the remaining licenses in its portfolio.

The 2018 Annual Statement of Reserves and Resources, prepared and published in accordance with Oslo Stock Exchange listing and disclosure requirements

Source / More : DNO

oilandgas

Oil and Gas News Undiluted !!! “Oil is well”

Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook

Tags: , , , , , Press Releases

Leave a Reply

Be the First to Comment!

Notify of
avatar

wpDiscuz

SUBSCRIBE NOW

Become a Oil & Gas Press subscriber

Oil and Gas Company News and Analysis Daily



ENERGY PRICES

TWITTER FEEDS

Oil and Gas Jobs

Commodity Prices

Images

LIKE US ON FACEBOOK

  • Stocks and Shares
  • Algeria
  • Ministère de l'Energie et des Mines
  • www.mem-algeria.org
  • National Oil Company: SONATRACH
  • www.sonatrach-dz.com
  • Oil and Gas Press
  • Angola
  • Ministry of Petroleum
  • www.minpet.gov.ao
  • National Oil Company: SONANGOL
  • www.sonangol.co.ao
  • Oil and Gas Press Benin Republic
  • Benin
  • Ministère de l'Energie, des Recherches Pétrolières et Minières, de l'Eau et du
  • National Oil Company: OBH (Office Béninois des Hydrocarbures)
  • Oil and Gas Press
  • Cameroon
  • National Oil Company: SNH (Société Nationale des Hydrocarbures )
  • www.snh.cm
  • Oil and Gas Press
  • Chad
  • Ministère du Pétrole et de l'Energie
  • www.ministere-petrole.td
  • National Oil Company: SHT (Société des Hydrocarbures du Tchad)
  • >Oil and Gas Press
  • Congo (Republic of)
  • Ministère des Hydrocarbures
  • www.ministere-hydrocarbures.cg
  • National Oil Company: SNPC (Société Nationale des Pétroles du Congo )
  • www.snpc-group.com
  • Oil and Gas Press
  • D.R Congo
  • Ministère des Hydrocarbures
  • National Oil Company: COHYDRO (Congolaise des Hydrocarbures)
  • Oil and Gas Press
  • Côte d'Ivoire
  • Ministère des Mines, du Pétrole et de l'Energie
  • National Oil Company: PETROCI
  • (Société Nationale d'Opérations Pétrolières de la Côte d'Ivoire)
  • www.petroci.ci
  • Oil and Gas Press
  • Egypt
  • Ministry of Petroleum and Mineral resources
  • www.petroleum.gov.eg
  • National Oil Company: Egyptian General Petroleum Corporation
  • www.egpc.com.eg
  • Oil and Gas Press
  • Gabon
  • Ministère du Pétrole, de l'Energie et des Ressources Hydrauliques
  • http://www.energie.gouv.ga
  • Oil and Gas Press
  • Ghana
  • Ministry of Energy
  • www.energymin.gov.gh
  • National Oil Company: Ghana National Petroleum Corporation
  • www.gnpcghana.com
  • Oil and Gas Press
  • Equatorial Guinea
  • Ministère des Mines, de l'Industrie et de L'energie
  • www.equatorialoil.com
  • National Oil Company:GEPetrol
  • www.guineaecuatorialpetrol.com
  • >Oil and Gas Press
  • Libya
  • National Oil Company: NOC
  • (National Oil Corporation)
  • www.noc.ly
  • Oil and Gas Press
  • Mauritania
  • Ministère du Pétrole, de l'Energie & des Mines
  • www.petrole.gov.mr
  • National Oil Company: SMH
  • (Société Mauritanienne des Hydrocarbures ) Oil and Gas Press
  • Namibia
  • National Oil Company: NAMCOR
  • (National Petroleum Corporation of Namibia)
  • www.namcor.com.na/
  • Oil and Gas Press
  • Niger
  • Ministère de l'Energie et du Pétrole
  • National Oil Company:SONIDEP
  • (Société Nigerienne des Produits Pétroliers)
  • www.sonidep.net
  • Oil and Gas Press
  • Nigeria
  • Ministry of Petroleum Resources
  • www.nigeria.gov.ng
  • National Oil Company: NNPC
  • (Nigerian National Petroleum Corporation)
  • www.nnpcgroup.com
  • Oil and Gas Press Sao Tome
  • Empresa Nacional De Combustiveis e Oleos
  • Island Oil Exploration
  • >Oil and Gas Press
  • South Africa
  • Department of Energy
  • www.energy.gov.za
  • National Oil Company: PetroSA
  • (Petroleum, Oil and Gas Corporation of South Africa)
  • www.petrosa.co.za
  • >Oil and Gas Press
  • Sudan
  • Ministry of Petroleum
  • National Oil Company: SUDAPET
  • (Sudan Petroleum Company)
  • www.sudapet.sd
  • >Oil and Gas Press Togo
  • BUREAU VERITAS TOGO
  • COTECNA INSPECTION S.A.
  • TOTAL TOGO S.A.(DISTRIBUTION)