Since I came to Statoil back in 2004, you have constantly and I think rightly so challenged the company on the reserve replacement ratio. And this is an important measure in determining the long-term growth prospects of the company. However, to address this, this is not the short-term, a quick fix.It’s something that you have to systematically attack by building the resource base, by maturing resources and finally, to execute the projects in an efficient way. And I think it’s fair to say that as far as I see it in 2011, we turned the corner. And we saw the results of the effort that the organization has done over many, many years.
Statoil's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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