BP Plc said its proved recoverable crude oil and natural gas reserves fell 1.2 percent last year on disposals in Canada, Egypt and the U.S.

Reserves declined to 18.071 billion barrels of oil equivalent as of Dec. 31, from 18.292 billion barrels a year earlier, London-based BP said in its annual report.

The company’s reserves replacement ratio, excluding acquisitions and divestments, was 106 percent last year, the 18th consecutive annual gain. Net additions, excluding production, totaled 1.503 billion barrels of oil equivalent last year, extending BP’s inventory life from 43 to 48 years.

BP in July agreed to sell oil and gas fields in the U.S., Canada and Egypt to Apache Corp. (APA)for $7 billion, raising cash to meet the costs of the Gulf of Mexico spill.

(Source: bloomberg)