Norway approaches offshore reserves growth target

Norway’s total recoverable petroleum resources are 13.6 bcmoe, according to the latest estimate from the Norwegian Petroleum Directorate (NPD).

Offshore staff

OSLO, NorwayNorway’s total recoverable petroleum resources are 13.6 bcmoe, according to the latest estimate from the Norwegian Petroleum Directorate (NPD).

This is 445 MMcmoe more than the 2011 assessment. The reasons are an increase in field reserves, higher reserves estimates for discoveries, resource growth from new discoveries, and an increase of the volume of undiscovered resources.

The largest increase in oil reserves has been at theEkofisk, Troll and Gullfaks Sør fields, while Ormen Lange in the Norwegian Sea had the largest increase in gas reserves.

Last year, the Norwegian fields to go onstream wereAtla, Gaupe, Marulk, Oselvar, and Visund Sør. At year-end 14 fields were under development with plans submitted for the Aasta Hansteen, Dagny, and Ivar Aasen projects.

This year, theSkarv and Hyme fields have entered production, with Brynhild, Jette, Skuld, and Svalin to follow.

In 2005, NPD set a target of 800 MMcm of additional oil reserves by 2015. Seven years on, the accumulated reserve growth has reached 607 MMcm, so the target could be achieved if the right decisions are taken the next two years, the association says.

Compared with its 2010 evaluation, NPD believes there are larger undiscovered deposits of oil and less gas on theNorwegian shelf than previously estimated. Undiscovered oil resources in the North Sea and Barents Sea appear to be higher than previously thought, while undiscovered gas resources in the North Sea and Barents Sea have decreased. Estimates for the Norwegian Sea have not changed appreciably.

3/4/2013

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