2015	2014	2013	2012	2011
Operating revenue (in NOK million)	157 753	179 797	194 308	213 885	188 820
Net income for the year (in NOK million)	88 999	119 671	132 817	149 986	133 721
Investment (in NOK million)	27 961	35 742	35 444	26 399	19 053
Net cash flow (in NOK million)	93 639	111 068	124 825	146 930	128 083
Production – oil and NGL (1 000 b/d)	411	407	413	430	440
Production – dry gas (million scm/d)	105	94	99	112	92
Oil, NGL and dry gas production (1 000 boe/d)	1 068	1 000	1 034	1 132	1 016
Remaining reserves (million boe)	6 276	6 145	6 423	6 623	6 759
Reserve replacement rate (annual percentage)	133	24	47	67	160
Reserves added (million boe)	520	88	177	278	601
Oil price (USD/bbl)	53	99	110	113	114
Oil price (NOK/bbl)	420	617	647	657	632
Gas price (NOK/scm)	2.14	2.23	2.31	2.35	2.15

Total production averaged 1.1 million barrels of oil equivalent (boe) per day, up roughly seven per cent from 2014. Output of both  liquids and gas rose, by one and 11 per cent respectively. A higher gas volume reflects production deferred from 2014 to 2015 in order to boost value.

Net income for 2015¹ was NOK 89 billion, down by about 26 per cent from NOK 120 billion the year before. This figure was affected by developments in oil and gas prices, and yielded a cash flow to the government of NOK 94 billion, compared with NOK 111 billion in 2014.

The price of oil averaged USD 53 per barrel in 2015, compared with USD 99 the year before. This decline in US dollars was partly counteracted by a strengthening of that currency against the Norwegian krone. Converted to the latter, the average oil price was NOK 420 per barrel as against NOK 617 in 2014. Gas reached an average price of NOK 2.14 per scm in 2015, compared with NOK 2.23 the year before.

Investment in 2015 totalled NOK 28 billion, down by roughly 22 per cent from the year. Capital spending for 2015 included such developments as Martin Linge, Johan Sverdrup, Maria, subsea compression on Åsgard and Gullfaks, and Polarled.

The portfolio’s estimated remaining reserves of oil, condensate, NGL and gas totalled 6 276 million boe at 31 December, up by 130 million boe from the year before. Production in 2015 came to 390 million boe.

Petoro’s main parameter for monitoring HSE developments is the serious incident frequency (SIF), which measures the number of such events per million working hours. This figure for 2015 was 0.5, and better than the year before. The improvement was overshadowed by December’s fatal accident on the COSL Innovator drilling rig while it was working on Troll. The personal injury frequency per million working hours came to 3.3, which was also a better performance than in earlier years.