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Maersk Oil aims to increase its entitlement production by 50% to 400,000 boe/d by 2020 from a current level of 265,000 boe/d, according to a news release.
The increase in production will come from maximizing output from current assets and from field development projects. A stable production level of 400,000 bpd is achievable through: four development projects with an estimated share of production of around 58,000 b/d and first oil during 2012-14; future sanctioned projects expected to add an estimated 160,000 b/d; and executing development projects that would increase capex from US $1 billion to $3 billion per year in recent years to $3 billion to $5 billion per year, the release stated.
Maersk Oil, which has a portfolio that includes 120 prospects and leads, will continue to spend $1 billion per year on exploration activities ensuring the production is sustainable on target beyond 2020.
The company’s proved reserves (1P) were 443 MMboe by the end of 2011, according to the release. Probable reserves (2P including 1P numbers) and contingent resources (2C) were in total 1.384 Bboe by the end of 2011(1P reserves are included in the 2P numbers). Maersk Oil's Qatar operations are included as reserves until in 2017.