Production
Gas production at RWE Dea saw a positive trend, up to 3.21 billion cubic metres in 2007. Production was up by 8 per cent year-on-year. In contrast, oil production, yielding 2.75 million cubic meters, declined by 28 per cent year-on-year.
During 2006, gas production amounted to 2.98 billion m3, up 27% year-onyear. An important reason for this was that 2006 was the first full year of production in the British Saturn field. Production volumes in Germany rose as well.
At 3.81 million m3, the company's oil production volume was down by 18% year-on-year. This was due, among other factors, to a contractual review and re-determination of the respective stakes in the Snorre field in Norway. A further reason was the natural decline in production in Denmark, Egypt, and Dubai, and the loss of the production in Kazakhstan due to the sale of the company, effective July 1, 2006.
Reserves
Reserves and contingent resources (discovered) grew by about 13 per cent in 2007, to 192 million cubic meters of oil equivalents (OE). Of this volume, gas accounts for a share of 68 per cent. While natural gas and crude oil reserves of 81.1 million cubic meters OE are down by 14 per cent, the volume of proven resources grew by 47 per cent, to 110.9 million cubic meters OE. This substantial growth is chiefly due to discoveries made in North Africa.
The total of RWE Dea's reserves and contingent resources (discovered) in 2006, taking into account the sale in Kazakhstan and the return of the license in Dubai, declined by about 6% and is now 169.9 million m3 oil equivalents (OE). Without these reductions, the company's reserves and contingent resources (discovered) would have shown an increase of 3%. The proportion of gas is around 70%.
At 94.5 million m3 OE, natural gas and crude oil reserves are 19% below the previous year's level. This trend is primarily due to ongoing production, the retirements in Kazakhstan and Dubai, and the re-determination of the Snorre field.