Production
In 2007, total production of oil, NGL and gas fell slightly by 1% to 321.095 boepd.
2006 production in oil, NGL (natural gas liquids) and gas slightly declined by 4% to 118.4 mn boe (barrels of oil equivalent), which corresponds to an average daily production of 324,000 boe. Oil and NGL production of 61.6 mn bbl was 6% lower than last year's level (2005: 65.6 mn bbl). The decisive factor were lower production volumes in Romania that in the short term could not be offset by improved reserve management and exploration successes, lower volumes in the UK and the sale of assets in Qatar and Ecuador as well as an alteration of contracts in Venezuela.
Reserves
As of December 31, 2007, the proved oil and gas reserves were 1,216 mn boe (of which 894 mn boe related to Petrom). The proved and probable oil and gas reserves amounted to 2,036 mn boe (Petrom: 1,435 mn boe). With 2007 Petrom reserves are now included in the Group’s reserves for three full years. This has lead to a significant reduction of the reserves replacement rate, which is calculated as a three-year average, to 46% in 2007 (2006: 406%).
As of December 31, 2006, total proved reserves (including Petrom) were 1,300 MMboe (2005: 1,365 MMboe).