Norway’s discoveries offset by declines at Heidrun, Ormen Lange

Norway has produced 5.3 bcmoe, and has remaining proven recoverable reserves of 4.8 bcmoe, according to the latest resources review by the Norwegian Petroleum Directorate (NPD).

Offshore staff

OSLO, Norway -- Norway has produced 5.3 bcmoe, and has remaining proven recoverable reserves of 4.8 bcmoe, according to the latest resources review by the Norwegian Petroleum Directorate (NPD).

The estimates are based on reports submitted annually by the operating companies, NPD’s evaluations for fields and discoveries, and the directorate’s estimates of undiscovered resources.

NPD identified 28 discoveries on the Norwegian shelf in 2009. Of these, 21 were in the North Sea, and seven in the Norwegian Sea. The total volume of these finds is estimated at 62 MMcm of oil and 83 bcm of gas.

At the turn of the year, NPD adds, eight fields were under development: Goliat, Gjøa, Morvin, Oselvar, Skarv, Vega, Vega Sør, and Yme. Plans suggest that Gjøa, Morvin, Vega, Vega Sør, and Yme will start production in 2010.

Reserve increases on several established producing fields such as Gullfaks Sør, Oseberg, and Alvheim, were offset by a large downward revision of gas and condensate reserves at the Ormen Lange field in the Norwegian Sea (lowered by 103 MMcmoe) and also oil reserves at the Heidrun field (down by 14 MMcmoe).

NPD says the Norwegian government’s goal is to mature 800 MMcm, or 5 Bbbl, of oil as reserves within the 10-year period to 2015. However, the cumulative gross oil reserve growth since 2005 is only 294 MMcm – 37% of the target.

Contingent resources in producing fields have increased by 106 MMcmoe this year, due to mainly to successful programs on the Troll, Ekofisk, Eldfisk, and Tor fields. At Troll, the new projects will help boost gas recovery from Troll Vest and Troll Øst.

In discoveries not yet sanctioned for development, contingent resources have been downgraded by 59 MMcmoe compared with the estimate at end-2008. This is partly due to resources being matured to reserves for the Goliat, Oselvar, and 33/9-6 Delta discoveries.

Following re-evaluations, the resource estimate for the Lavrans, Onyx, Victoria, and Ververis discoveries has been reduced by a total of 93 MMcmoe.

NPD adds that a total of 80 Norwegian discoveries have yet to be approved for development, while 37 % of discoveries are in the planning phase.

02/25/2010

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