Det Norske chops reserves by 10%

Downward curve: Det Norkse reports reserve drop

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Bill Lehane

 22 March 2013 11:35 GMT

Det Norske has reported a 10.3% drop in reserves as field estimates were revised downwards and a number of finds proved non-runners.

The Oslo-listed explorer said it held 42.45 million in proven reserves at the end of last year, down from 47.34 million at the end of 2011.

While some reserves moved to production or development, the bulk of the drop over the year was down to reserve downgrades.

Proven and probable reserves also fell for Det Norske, which held 65.31 million barrels of oil equivalent in 2P reserves at year-end, down from 67.89 million in December 2011.

The Oslo-listed explorer said that three discoveries included in its reserves last year, Skaugumsasen, Tir and Bumblebee,…

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