Norway releases resources estimates for Norweigan Sea, North Sea and Barents Sea

The updated resource account shows that 5.3 billion scm oil equivalents has been produced and that total remaining proven recoverable resources amount to 4.8 billion scm oil equivalents. 

The Norwegian Petroleum Directorate's (NPD's) resource account, which is now presented with updated figures for December 31, 2009, is an overview of the estimated quantities of recoverable petroleum resources on the Norwegian continental shelf. Recoverable petroleum resources consist of both the original marketable and the remaining petroleum resources. 

The resource estimates are based on reports submitted annually by the operating companies, NPD evaluations for fields and discoveries and NPD estimates of undiscovered resources. This account shows the estimated geographical distribution for the North Sea, the Norwegian Sea and the Barents Sea. The estimate of the undiscovered resources in the Barents Sea was updated in 2009 and the estimate for the North Sea and the Norwegian Sea will be updated this year. 

The resources on the Norwegian continental shelf are classified according to maturity as shown in the NPD's resource classification, reflecting the maturity, or project status with regard to decisions to develop and produce the discovered petroleum quantities. 

The total recoverable petroleum resources on the Norwegian shelf as of December 31, 2009 are estimated at approximately 13 billion standard cubic meters of oil equivalents (scm o.e.). This figure is more or less the same compared to last year’s account. This year’s account shows that 28 discoveries have been made in 2009. The volumes in most of the new discoveries are small and the volume varies between 0.3 million scm o.e and 38 million scm o.e. 

The estimates of the undiscovered resources have changed according to last year’s account. This is due to the reduction of the resource estimate for the Barents Sea which is reduced by 0.120 billion scm o.e. The estimate of the total undiscovered resources is now 1.200 billion scm oil, 0.26 billion scm condensate and 1825 billion scm gas, a total of 3.280 billion scm o.e. which represents 41 per cent of the remaining resources. 

The remaining total recoverable resources are estimated at 8.1 billion scm o.e with an uncertainty range from 5.3 to 11.7 billion scm o.e. 

A total of 239 million scm o.e. were sold and delivered in 2009. This is 3 million scm o.e less than in 2008. The split is 115 million scm oil, 103 billion scm gas, 16 million scm NGL, and 4 million scm condensate.
Twenty-eight new discoveries were made in 2009; 21 in the North Sea, and 7 in the Norwegian Sea. The expected volume of the new discoveries is estimated at 62 million scm oil and 83 billion scm gas. The evaluation of the size of the discoveries is however ongoing and the figures are therefore uncertain. The volume discovered in 2009 is about 64 per cent of the production the same year.

As of December 31, 2009 eight fields were being developed; Goliat, Gjøa, Morvin, Oselvar, Skarv, Vega, Vega Sør and Yme. According to plans the fields Gjøa, Morvin, Vega, Vega Sør and Yme will start production in 2010.
Gross oil and gas reserves have been reduced with 4 million scm o.e in 2009. Despite reserve increases on several fields such as Gullfaks Sør, Oseberg and Alvheim and also resources entered as reserves for Goliat and Oselvar, large downward adjustments of the gas and condensate reserves at the Ormen Lange field (-103 mill scm o.e) and the oil reserves at the Heidrun field (-14 mill scm o.e), led to a reduction of the total gross reserves. With a production of 233 million scm o.e the resource account shows a net reduction in remaining reserves of 237 million scm o.e. This reduction is nearly 7 per cent. 

The authorities’ goal is to mature 800 million scm or 5 billion barrels of oil as reserves within ten years prior to 2015. 64 million scm of oil were entered as reserves in 2009. Accumulated gross oil reserve growth since 2005 is now 294 million scm oil. This is 37 per cent of the authorities’ goal and shows that we are under the linear trend to reach this goal. 

Contingent resources in fields have increased with 106 million scm o.e this year. The reason for this increase is mostly due to a nice maturing of projects in the fields Troll, Ekofisk, Eldfisk and Tor. At Ekofisk, Eldfisk and Tor the projects aim to realize the production after 2028. At the Troll field the projects will contribute to increase the gas recovery from Troll Vest and Troll Øst. Contingent resources in fields amount to 19 percent of the remaining proven resources. 

Contingent resources in discoveries (not yet approved for development) have been reduced with 59 million scm o.e compared with last year’s estimate. Even though the resource growth from exploration in 2009 has been relatively good, the reduction can be explained by the following conditions: Resources have matured to reserves for the discoveries 7122/7-1 Goliat, 1/3-6 Oselvar and 33/9-6 Delta. As a result of new evaluations the resource estimates for the discoveries 6406/2-1 Lavrans, 6406/9-1 Onyx, 6506/6-1 Victoria and 7226/2-1 Ververis are reduced by a total of 93 million scm o.e. In addition eight discoveries are classified in category 6 during the year which means that development is not very likely.Three discoveries are in relinquished areas. In total 80 discoveries are not yet approved for development (resource categories 4F, 5F and 7F). 37 per cent of the discoveries are in the planning phase.



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