17-02-09 StatoilHydro's reserves replacement ratio compared to its peers was laid bare, as company leaders admitted just 34 % of its produced stores of oil and gas had been replaced by the drill bit in 2008.
BP announced over 100 % reserves replacement, while Petro-Canada replaced 150 % of their known reserves by drilling for more oil and gas.

StatoilHydro's reserves ratio dropped over 50 % from 86 % in 2007 despite spending record amounts on drilling. The company explained it was taking time and too much money to turn its large, recently acquired holdings into proved reserves after a long stint of at-capacity production.
Proved reserves at the end of 2008 were 5.58 bn barrels of oil equivalent, down 7 % year-on-year.

The company admitted early this year that $ 39 oil made oilfields of 16 mm bbl difficult to make commercial. The statement casts doubt on the short-term viability of the "6 of 11 wells" offshore Norway deemed discoveries thus far in 2009. It is understood that five wells started in 2008 are still being drilled, and StatoilHydro could yet announce a major discovery.
But big finds are needed: much of the NOK 17.8 bn (EUR 1.96 mm) spent on exploration in 2008 went into increased drilling costs. The oil company spent NOK 3.6 bn (EUR 2.7 bn) more on the drill bit than the previous year.

In 2008, 79 exploration or appraisal wells and nine "exploration extension wells" -- a new word for development well -- were completed, 48 on the NCS and 40 internationally.
Some 35 exploration and appraisal wells and 6 development wells were discoveries.