NORWEGIAN PETROLEUM DIRECTORATE: NCS RESOURCES UP

February 28, 2018

The Norwegian Petroleum Directorate’s (NPD) estimate for total proven and unproven petroleum resources on the Norwegian continental shelf (NCS) is about 15.6 billion standard cubic metres of oil equivalents.
This is 1.3 billion more than at 31 December 2016. Of this, 45 per cent has been sold and delivered. About 47 per cent of the remaining resources have not been proven.
The article also includes a summary of the NPD’s resource accounts according to the UNFC classification.
Resources is a general term for all oil and gas that can be recovered. The resources are classified according to their maturity in relation to their progress in the planning process leading up to the decision to develop and produce. The main classifications are reserves, contingent resources and unproven resources.
The Norwegian Petroleum Directorate’s basic estimate for total proven and unproven petroleum resources on the Norwegian continental shelf is about 15.6 billion standard cubic metres of oil equivalents (Sm3 o.e.). Of this, 7.1 billion Sm3 oil equivalent, or 45 per cent, have been sold and delivered. It is an increase in unproven resources of 1.3 billion Sm3 of oil equivalent compared with the previous year. The reason for this is that, in 2016/2017, the Norwegian Petroleum Directorate mapped acreage that has yet to be opened for petroleum activities in the northeastern part of the Barents Sea.
The remaining resources to be produced are expected to total 8.5 billion Sm3 o.e. Of this, 4.5 billion Sm3 o.e. are proven resources. The estimate for unproven resources is 4.0 billion Sm3 o.e. About 47 per cent of the remaining resources have yet to be proven. (Source: NPD)