Norwegian Energy Company has published its Annual Statement of Reserves.
The Noreco group’s total proven and probable (2P) oil and gas reserves at the end of 2013 were 15.6 million barrels of oil equivalents, compared to 21.9 mmboe the year before. The group’s net production for the year was 1.5 mmboe.
The reported reserve estimates are based on standard industry practices and methodology such as decline analysis, reservoir modelling and geological and geophysical analysis. The evaluations and assessments have been performed by engineers with extensive industry experience, and the methodology and results have been quality controlled as part of the company’s internal reserves estimation procedures. The 2P reserves estimate represents the expected outcome for the fields based on the performance observed to date, the company’s understanding of the fields and the planned activities in the licences.
A third party independent assessment has been performed by DeGolyer and MacNaughton on all of Noreco’s fields categorised as reserves. The assessment is based on input data provided by Noreco, as well as full access to subsurface data and licence documentation. DeGolyer and MacNaughton performed an independent review of reserves on this basis. The independent review concludes with a reserves estimate that is ten percent higher than Noreco’s overall 2P estimate and hence serves as a verification of the company’s own reserves estimate.