CALGARY, A.B. — ARC Resources Ltd. reported its 2017 year-end reserves and resources information today, saying that it replaced 320 percent of its total production last year.
In a press release, the company said it added 144.6 million barrels of oil equivalent of proved plus probable reserves through development activities. Over the last 10 years, ARC has replaced an average of 200 per cent or greater produced reserves through development activities.
In 2017, ARC replaced 388 percent of natural gas production, adding 0.7 trillion cubic feet of proved plus probable natural gas reserves. The company also said it replaced 129 percent of 2017 natural gas liquids production, adding 5.1 million barrels of proved plus probable liquids reserves. In addition, ARC also replaced 176 percent of 2017 oil production, adding 15.4 million barrels of proved plus probable oil reserves.
ARC announced that positive technical revisions of 60 MMboe were realized, predominantly in Sunrise and Dawson, reflecting the strong well performance from ARC’s Montney assets. the company also said that material reserves growth was realized in ARC’s Montney assets, particularly in Attachie, Dawson, Parkland/Tower, Sunrise, and Pouce Coupe.
ARC’s total proved reserves increased by 19 percent from 426 MMboe to 506 MMboe, and proved plus probable reserves increased by 13 percent from 737 MMboe to 836 MMboe.