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Reserves

Lundin Energy has a track record of growing reserves. 2019 was the sixth consecutive year of reserves growth.
Reserves and resources

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 2018745.4 900.9
Disposal of 2.6% interest in Johan Sverdrup-69.6-82.0
Reserves End 2018 adjusted675.9818.8
– Produced
+ Revisions
-34.7
+52.1

-34.7
+73.4
Reserves End 2019693.3857.5
Reserves replacement ratio150% 212%
Reserves and resources 2P and 3P Reserves
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).

> Reserves and resources definitions

OPERATIONS


Producing assets
Johan Sverdrup
Edvard Grieg
Alvheim Area
Organic growth
New projects
Exploration & appraisal
Licence portfolio
Reserves & resources
Definitions
Renewable projects

 

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