DEA's business future is directly bound up with the development of reserves and resources. In recent years, exploration activities have made a significant contribution towards increasing the basic reserves and resources and have laid the basis for organic growth.
The proven worldwide reserves of crude oil have increased notably in recent years. This has less to do with new finds than with the revaluation of previously known reserves of crude oil, made necessary by new and more efficient production technology. Moreover, the current and the forecast levels of demand, as well as price levels, play a decisive role.
Basic reserves at high levels
As of January 1st, 2017 DEA had 2P reserves of 667 mmboe, a year-on-year increase of 16 %. The increase was due to acquisition of additional shares in the Njord area and Dvalin, as well as organic growth, which overcompensated the significant production of 50 mmboe in 2016.
|20 %||45 %||35 %|
The reserves shown have been audited by an independent expert (>99 % in 2014-2016). At the annual audit, newly gained reservoir engineering and geo-scientific data are evaluated using state-of-the-art technology. Internally, DEA evaluates the reserves on the basis of corporate policies, that are geared to internationally recognized standards of the oil and gas industry.