Det norske picks AGR for annual reserves review

  • Business & Finance

AGR, a construction and engineering project management, HSEQ, reservoir and field management service company, has signed a Frame Agreement with Det norske oljeselskap for annual, independent reserves report of the company’s reserves portfolio.

AGR said on Monday that the agreement is for four years with options for Det norske to expand the scope to cover the reserves assessment of M&A targets, and resources assessment and certification of unsanctioned projects.

Morten Heir, AGR’s VP of Reservoir Management said: “Det norske is one of the most respected players on the Norwegian Continental Shelf, and we are very pleased to be working with them on their reserves reporting. AGR has 20 years’ experience as an asset evaluator and auditor and is recognized as an official 3rd party reserves auditor by major international banks and financial institutions.

“We look forward to continuing our good relationship with the operator and working with the team at Det norske.”

Det norske said in its latest annual statement of reserves that, as of December 31, 2015, it had total net proven reserves estimated at 374 million barrels of oil equivalents. Total net proven plus probable reserves, according to the statement, were estimated at 498 million barrels of oil equivalents.

In the latter figure, Det norske included recoverable volumes from a full field development scenario as undeveloped reserves for Johan Sverdrup. At the time only Phase 1 for Johan Sverdrup had an approved plan for development and operation.

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