NPD issues Norway resource estimate

Offshore staff

OSLO, Norway – Total discovered and undiscovered petroleum resources on the Norwegian continental shelf are around 14.2 bcmoe, according to the latest assessment from the Norwegian Petroleum Directorate (NPD).

Of this, 47% has been sold and delivered.

NPD calculates that 7.6 bcmoe remain to be produced, of which 4.7 Bboe are proven. Undiscovered resources account for roughly 38% of total remaining volumes, and half of these are in the Barents Sea.

As for proven remaining resources, 51% are in the North Sea with the rest split between the Barents Sea and the Norwegian Sea.

Exploration activity offshore Norway last year added 30 MMcmoe of fresh reserves from 16 discoveries. Of these, six were in the Norwegian Sea and 10 in the North Sea.

Several of the discoveries are still under evaluation, so the resource range could change.

At year-end, Norway had 65 producing fields in the North Sea, 16 in the Norwegian Sea, and one in the Barents Sea (Snøhvit).

02/26/2016

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