BlueNord Reports Robust 189% Reserves Replacement in 2024
BlueNord Achieves Impressive Reserves Replacement Ratio
BlueNord ASA has recently released its Annual Statement of Reserves and Resources for 2024, revealing a significant increase in its Proven and Probable (2P) Reserves. This year-end assessment indicates that the Company's net 2P Reserves have surged to 194 million barrels of oil equivalent (mmboe), which is up from 186 mmboe at the close of the previous year.
Production Highlights and Future Expectations
In 2024, BlueNord produced 9 mmboe, resulting in an exceptional reserves replacement ratio of 189%. This outstanding performance can be attributed to the successful exploration and discovery of the Harald East Middle Jurassic (HEMJ) accumulation. This discovery not only boosted reserves but also promises to extend the production period at the Tyra plateau and enhance the longevity of the Harald hub's operations.
Efficiency and Optimization Efforts
The Company has also seen positive technical revisions to production forecasts from its established assets. High operational efficiency was maintained at 91% throughout 2024, with initiatives like well optimization, workovers, and restimulation contributing to maximizing production potential. These efforts have proven vital for sustaining high levels of operational performance.
Maturation of New Wells
In addition to existing assets, the maturation of the Valdemar Upper Cretaceous infill well (VUC) has augmented the reserves portfolio further. This growth reflects the strategic planning and commitment to harnessing the potential of new and mature assets alike.
CEO's Insights on the Positive Outlook
Miriam Lykke, the Chief Operating Officer at BlueNord, shared her excitement over the results: "2024 marks the second consecutive year where BlueNord's reserves replacement ratio has exceeded 100%. Achieving this for a mature asset base with extensive production history is a commendable success. The HEMJ well, which commenced production shortly after discovery, is already making valuable contributions to our overall portfolio and is projected to do so for an extended period. With the ongoing dedication of our team, I am optimistic about our strong production capabilities and the promising future for our assets."
Company Disclosure Information
The Reserves Report containing more detailed figures and analyses will be available on the Company’s official website. The Company emphasizes that all information provided is in accordance with the disclosure regulations outlined in the Norwegian Securities Trading Act, ensuring transparency and compliance.
Contact Information
For further inquiries, reach out to Cathrine Torgersen, the Chief Corporate Affairs Officer. She can be contacted via email or phone for additional information regarding the reserves report and operational details.
Frequently Asked Questions
What is the reserves replacement ratio reported by BlueNord?
BlueNord has reported a reserves replacement ratio of 189% for 2024, reflecting strong performance in reserves management.
What drove the increase in BlueNord's reserves in 2024?
The significant increase was primarily driven by the discovery of the Harald East Middle Jurassic accumulation, coupled with enhanced performance from base assets.
How much oil did BlueNord produce in 2024?
BlueNord produced 9 mmboe during the year 2024.
What operational efficiency did BlueNord maintain in 2024?
The Company's operational efficiency was maintained at a commendable 91% throughout the year.
Who can be contacted for more information about BlueNord?
Cathrine Torgersen, the Chief Corporate Affairs Officer, is available for inquiries regarding the reserves report and other operational details.
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