BAKU, Azerbaijan, February 9. The estimated proved reserves of Norway’s Equinor company by the end of 2023 stood at 5,214 million barrels of oil equivalent (boe), reflecting a net increase of 23 million boe compared to the 5,191 million boe recorded at the close of 2022, Trend reports.
This increase primarily stemmed from the addition of more volumes through extensions and discoveries, amounting to a net increase of 507 million boe in 2023, a notable rise from the 278 million boe added in 2022. Key contributors to this growth included the sanctioning of the Raia field in Brazil, the Rosebank field in the UK, and the Sparta field in the USA.
Moreover, revisions and improved recovery projects also contributed to the increase, accounting for a net addition of 232 million boe in 2023, albeit lower than the net increase of 344 million boe seen in 2022. However, the net effect of the purchase and sale of reserves resulted in a slight reduction of proved reserves by 4 million boe in 2023.
In terms of production entitlement, 2023 saw a total of 711 million boe, compared to 695 million boe in 2022, indicating a modest increase in production performance.
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