Reserves
Lundin Energy has a track record of growing reserves. 2019 was the sixth consecutive year of reserves growth.
Lundin Energy’s proved plus probable net reserves (2P reserves) are 693 million barrels of oil equivalent (MMboe) and its proved plus probable plus possible net reserves (3P reserves) are 858 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 Reserves MMboe | 3P Reserves MMboe | |
| Reserves End 2018 | 745.4 | 900.9 |
| Disposal of 2.6% interest in Johan Sverdrup | -69.6 | -82.0 |
| Reserves End 2018 adjusted | 675.9 | 818.8 |
| – Produced + Revisions | -34.7 +52.1 | -34.7 +73.4 |
| Reserves End 2019 | 693.3 | 857.5 |
| Reserves replacement ratio | 150% | 212% |
Contingent resources
At end 2019, Lundin Energy has assets classified as contingent resources with “Best Estimate” (2C) of 185 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).
