NORWAY'S RESOURCES UP

NPD - The Norwegian Petroleum Directorate's estimate for total proven and unproven petroleum resources on the Norwegian Continental Shelf is about 15.6 billion standard cubic metres of oil equivalents.

This is 24 million more than at 31 December 2017. Of this volume, 47 per cent has been sold and delivered. Around 47 per cent of the remaining resources have not yet been proven.

The article also includes a summary of the NPD's resource accounts pursuant to the UNFC classification.

Resources is a collective term for all oil and gas that can be recovered. The resources are classified according to their maturity, i.e. how far they have progressed in the planning process leading up to production. The main categories are reserves, contingent resources and unproven resources.

Oil and condensate are quoted in million standard cubic metres (Sm3 ). NGL is quoted in million tonnes, and gas is quoted in billion standard cubic metres. The conversion factor for NGL in tonnes to Sm3 is 1.9. Total oil equivalents are stated in million Sm3 o.e., 1000 Sm3 gas = 1 Sm3 o.e..

Total resources

The Norwegian Petroleum Directorate's basic estimate for total proven and unproven petroleum resources is about 15.6 billion standard cubic metres of oil equivalents (Sm3 o.e.). Of this, 7.3 billion Sm3 o.e., or 47 per cent, have been sold and delivered. The estimate for resources that have not yet been proven is 3.9 billion Sm3 o.e. This has been reduced by the added growth of resources from new discoveries in 2018, approx. 60 million Sm3 o.e.

It is expected that 8.3 billion Sm3 o.e. remain to be produced. Of this, 4.4 billion Sm3 o.e. are proven resources.

Total petroleum resources on the Norwegian Continental shelf per 31 December 2018

More information

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Earlier: 

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