2020 was the seventh consecutive year of reserves growth.
Lundin Energy’s proved plus probable net reserves (2P reserves) are 671 million barrels of oil equivalent (MMboe) and its proved plus probable plus possible net reserves (3P reserves) are 826 MMboe. Lundin Energy is predominantly an oil company with 95 percent of its reserves being oil with over 70 percent of the reserves attributed to the Johan Sverdrup field.
2P + 2C
|– Produced 1||-61.6||-61.6||-61.6|
|– Sales / + Acquisitions||–||–||+78.4|
|+ Revisions / Discoveries||+39.3||+30.0||+51.0|
|Reserves replacement ratio 2,3||64%||49%||210%|
1 Reserves are measured in salable quantities (saleable oil, natural gas liquids and dry gas converted to oil equivalents), which may differ from production volumes provided in corporate reports which are given in wellhead production quantities (oil and rich gas converted to oil equivalents).
2 Total resource replacement ratio is the sum of 2P reserves revisions and 2C Contingent resources revisions including assets transactions divided by the yearly production.
3 As per industry standards the reserves replacement ratio is defined as the ratio of reserves additions to production during the year, excluding the effect of acquisitions and dispositions.
At end 2020, Lundin Energy has assets classified as contingent resources with “Best Estimate” (2C) of 275.5 MMboe.
Contingent resources are oil and gas resources associated to discoveries or improved recovery projects that have not yet been sanctioned for development. Work is continuously ongoing to mature these projects and promote the contingent resources to reserves.
Contingent resource estimates have been evaluated internally by a qualified reserves auditor in accordance with 2018 Petroleum Resources Management System (PRMS) Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE).