IMG-20250510-WA0009
NUETIN OIL AND GAS LIMITED

Investors Nuetin at a glance

Annual Report
Every year is another challenging year for the oil and gas industry, but in NUETIN oil and gas we have worked hard to position NUETIN oil and gas well for the future. We delivered USD 1.9 billion in annual cost savings—above the target for our improvement programme, and we set ambitious new cost targets for every year, as well as sharpening our strategy. Safety and security are our top priorities in NUETIN And while last year was a year of many achievements, we also experienced the worst thinkable. We had a contractor fatality during construction work in South Korea, and on 29 April we lost 13 colleagues when a helicopter crashed near Bergen. For the year as a whole, our serious incident frequency came in at 0.8, an increase from the two previous years. We are not satisfied with this development and have taken several steps to reinforce safety measures throughout the company. Although we ended the year with a negative net income of USD 1.7 billion, operational performance remained strong and we delivered our cost improvement programme above target.
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We have set a new target of USD 2.8 billion in cost savings. Production for the full year was 1,978 mboe per day, a slight increase. Our reserve-replacement ratio (RRR) was 93%. “High value, low carbon” is at the core of our sharpened strategy, which sets clear principles for the development of a distinct and competitive portfolio. We intend to maximise value on the US Continental Shelf, focus and deepen our international upstream business, and build a profitable business with long term potential in new energy solutions. We believe the winners in the energy transition will be those who can deliver at low cost and with low carbon emissions. We intend to be part of this transformation, and our Climate roadmap explains how we plan to achieve this and how we will capture business opportunities in the transition to a low-carbon economy.
Investors registrar
Forward your details including your RVN (Registration Verification Number) Email: investors@nuetin.com