2011 was a very good year for Det norske oljeselskap ASA. The company’s resource base tripled, and Det norske succeeded in securing long-term financing.
Statoil, as operator, lifted the estimates for the section of Johan Sverdrup located in production license 265 to between 900 and 1,500 million barrels of oil equivalents. Det norske’s share equals approximately a quarter of a billion barrels. In the fourth quarter, the Ministry of Petroleum and Energy decided that Aldous Major (PL 265) and Avaldsnes (PL 501) are to be jointly developed, and renamed this field Johan Sverdrup. The field is one of the largest oil discoveries ever on the Norwegian Continental Shelf (NCS).

In the fourth quarter, Det norske solidified its financial position further by securing a new credit facility in the amount of up to 500 million USD. The company’s equity was strengthened by approximately 450 million NOK as a result of conversion of an unsecured bond loan to shares. All combined, this provides the...