Despite higher EBITDA, the profit declined quarter-on-quarter by 6.2% mainly due to higher DD&A following its reduction in the fourth quarter of 2018 driven by one-off upward revision of the proved developed reserves
31, 2018, with proved developed reserves
accounting for 77 percent of the total.
Year-End 2018 Estimated Proved Reserves Highlights incude: Proved Developed reserves
increased 3.7 MMBoe or 18% over year-end 2017; Proved Reserves are 60% oil, 21% natural gas liquids, 19% natural gas; Proved Reserves are 24% Proved Developed and 76% Proved Undeveloped; Finding and Development costs from Extensions and Discoveries of $9.49 per Boe; F&D costs from all sources, including acquisitions, of $7.79 per Boe; Extensions and Discoveries replaced 447% of the Company's 2018 production; and total reserve replacement of 520% from all sources.
--Maintenance of mid-cycle debt/flowing barrel of $15,000-$17,500/boe or debt/proved developed reserves
of below $5.00-$5.50/boe on a sustained basis.
This acquisition adds a further 13 MMboe net developed reserves
(with material undeveloped and prospective resource upside) and over 5,000 boepd of production to the Group.
In March, Schlumberger Chairman/CEO Paal Kibsgaard warned that the [global oil reserves] depletion rate will increase in the scenario in which "additions of proven developed reserves
are curtailed through lower investments".
Its interiors contain one third of the world coal resources and fifth part of developed reserves
- 193,3 billion tons.
At the Platanillo field we have increased production capacity significantly, we have drilled four new wells successfully, increasing proven developed reserves
, de-risked the northern lobe of the block and moved forward the export pipeline project to be built under the river into Ecuador, which we expect to be operational by the end of 2014.
The property includes around 47 billion cubic feet equivalent of proved developed reserves
(63 percent natural gas) and production of around 11 million cubic feet equivalent per day.
estimated that 1P developed reserves
(the level of production likely to be reached or exceeded with a 90 per cent probability using existing infrastructure) are sufficient to cover the base case requirements until 2027.
The company said the decision was made in response to declining gold prices and to cut costs while conserving developed reserves
. Ore stockpiles at Pinson were being shipped to third-party processing facilities to support the cost of demobilization and the temporary shutdown of operations.