Reference crudes

Sources : Arthur Andersen and Petroconsultants SA Estimated recoverable reserves in million tons oil equivalent (toe) Magnus 130 Gulifaks 191 Brent 428 N. Alwin 74 Troll 1151 Frigg and satellites (gas) 227 Bruce 98 Heimdall (gas) 40 Claymore 78 Piper 139 Sleipner W/E (gas, condensates) 210 Forties 344

Each market needs reference crudes to compare the prices of different quality products, because the characteristics and components of the crudes differ from one oil field to another. In Europe, "Brent" is the reference quality of crude from the North Sea. It is used on both the physical market and the spot market.