Key figures 2012
Net income for the portfolio in 2012 came to NOK 150 billion, compared with NOK 133.7 billion the year before. Total operating revenue was NOK 213.9 billion, compared with NOK 188.8 billion in 2011. This yielded a cash flow to the government of NOK 146.9 billion as against NOK 128.1 billion the year before. Total production averaged 1 132 000 barrels of oil equivalent per day (boe/d), which was 11 per cent higher than the 2011 figure of 1 016 000 boe/d.
FINANCIAL DATA (in NOK million)
INCOME AND CASH FLOW
Net income for 2012 was NOK 150 billion, up by 12 per cent from the year before because of higher gas volumes and prices. Overall oil and gas sales averaged 1 197 000 boe/d, compared with 1 083 000 boe/d in 2011. Cash flow, transferred in its entirety to the government, was NOK 147 billion, up by almost NOK 20 billion from the year before.
OIL AND GAS PRICES
The price of oil from the SDFI portfolio averaged NOK 657 per barrel in 2012, compared with NOK 632 the year before. In US dollars, the average was USD 113 per barrel – on a par with 2011. Gas fetched an average price of NOK 2.35 per scm in 2012, compared with NOK 2.15 the year before.
The portfolio’s estimated remaining oil, condensate, NGL and gas reserves totalled 6.62 billion boe at 31 December, down 136 million boe from the year before. Production in 2012 came to 414 million boe, but was partly offset by new volumes from the Martin Linge project and the upward adjustment of volumes plus an increased holding in Heidrun. New production wells on Troll were also sanctioned.
Total operating expenses were up by NOK 7.3 billion from 2011 because of increased depreciation and write-downs as well as higher costs for purchasing gas. The cost of operating fields, pipelines and land-based plants was up by NOK 0.9 billion from 2011. This increase related to well workovers.
Petoro’s main parameter for monitoring HSE developments in the SDFI portfolio is the serious incident frequency (SIF), which measures the number of such events per million working hours. At 1.3, the SIF for 2012 was an improvement on the year before. The number of personal injuries per million working hours came to 5.3, also an improvement from 2011.