2016	2015	2014
Operating revenue (NOK million) (NGAAP)	121 224	157 753	179 797
Field costs producing fields (NOK million) (NGAAP)	7 057	8 021	9 094
Net income for the year (in NOK million) (NGAAP)	57 426	88 999	119 671
Investment (in NOK million) in the capital accounts	27 815	28 955	35 742
Net cash flow (in NOK million)	65 897	93 639	111 068
Production — oil and NGL (1 000 bbl/d)	409	411	407
Production - dry gas (million scm/d)	100	105	94
Oil, NGL and dry gas production (1 000 boe/d)	1 040	1 068	1 000
Remaining reserves (million boe)	5 968	6 276	6 145
Reserve replacement rate (annual percentage)	22	133	24
Reserves added (million boe)	82	520	88
Oil price (USD/bbl)	43	53	99
Oil price (NOK/bbl)	361	420	617
Gas price (NOK/scm)	1.62	2.14	2.23

Total production was 1 040 000 bbls of oil equivalent (boe) per day, about 3 per cent lower than in 2015, primarily as a result of lower gas production. Gas production in 2015 was high as a result of shifting gas volumes from 2014 to 2015. A higher drilling pace and improved regularity have offset the natural production decline so that liquids production was on par with 2015.

Net income for 2016^[1] was NOK 57 billion, down by about 35 per cent from NOK 89 billion in the previous year. This figure was affected by developments in oil and gas prices, and yielded a cash flow to the state of NOK 66 billion, compared with NOK 94 billion in 2015.

The price of oil averaged USD 43 per barrel in 2016, compared with USD 53 the previous year. Converted to NOK, the average oil price was NOK 361 per barrel, compared with NOK 420 in 2015. The average price of gas was NOK 1.62 per scm in 2016, compared to NOK 2.14 per scm in 2015.

Investment in 2016 amounted to NOK 28 billion, which was virtually on par with 2015. Production drilling accounts for approximately one-half of the investments.

There has been a substantial reduction in field operating costs. The figure illustrates the development in field costs for producing fields and shows that the costs needed to operate the same fields have been reduced by 24% since 2013. 

2016 was marked by the tragic helicopter accident near Turøy on 29 April in which 13 people lost their lives. There has also been an increase through the year in the number of situations that could have developed into serious incidents. This very negative development is reflected in Petoro's HSE results, where the serious incident frequency (number of serious incidents per million hours worked) increased from 0.5 in 2015 to 1.0 in 2016. The personal injury frequency (number of personal injuries per million hours worked) has also developed negatively, and the result was 4.1 in 2016 compared with 3.3 for the previous year. 

At the end of 2016, the portfolio’s anticipated remaining reserves of oil, condensate, NGL and gas amounted to 5 968 million barrels of oil equivalent (boe). This is down 308 million boe from the end of 2015. Production in 2016 came to 381 million boe.