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RRR on Slight Increase But Still Too Low<br />

Reserve Replacement Ratio<br />

• Higher E&P<br />

investments, oil price<br />

and technological<br />

advancements have<br />

allowed oilcompanies<br />

to book a slight<br />

increase in reservoir<br />

reserves<br />

• Higher E&P spending<br />

needed<br />

Source: SEB Enskilda’s Tenth Annual E&P Survey, the graph is based on comments from 25 IOCs.<br />

-11-<br />

-11-

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