OSLO, Norway --Norway may have up to 5.8 bcm of oil equivalent in undiscovered reserves according to the latest national resource report from the Norwegian Petroleum Directorate.
The NPD estimates that 45% of these reserves could be liquids and the remainder gas. It expects 70% of all remaining petroleum volumes will be split between the North Sea and the Norwegian Sea, with 30% in the Barents Sea.
The NPD report, however, does not take into account the potential for finding oil and gas in currently off-limit regions off mid-Norway such as Lofoten and Vesteraalen.
NPD has been collecting new geophysical data in these areas, following a request from Norway's parliament.