OSLO, Norway --The Norwegian Petroleum Directorate estimates Norway's remaining producible reserves at 8.6 bcm of oil equivalent, with 50 discoveries potentially in line for development.
NPD's latest overview covers the year ending Dec. 31, 2006. It suggests that total recoverable petroleum resources over the Norwegian shelf were around 13 bcm oil equivalent, similar to the previous year's total. However, gross oil reserves have declined slightly.
Yet to be discovered resources are estimated at 1,260MMcm of oil, 265MMcm of condensate, and 1,875bcm of gas. NPD identified six new discoveries last year, including three in the Barents Sea, with a combined volume of around 21MMcm of oil and 10bcm of gas. However, this is only a preliminary estimate, NPD points out.