NPD – LARGE AMOUNTS OF OIL AND GAS LEFT ON THE NORWEGIAN CONTINENTAL SHELF

February 20, 2021

The basic estimate in the Resource Accounts shows that the total proven and unproven petroleum resources on the Norwegian continental shelf amount to approx. 15.8 billion standard cubic metres of oil equivalent (Sm3 o.e.). This is 28 million more than as of 31 December 2019. 49 per cent of the resources, or 7.8 billion Sm3 o.e., have been sold and delivered.
The NPD estimates that 8 billion Sm3 o.e. remains to be produced, 4.2 billion Sm3 o.e. of this, or 52 per cent, are proven resources.
The estimate for resources that are not proven is 3.8 billion Sm3 o.e. The estimate has been reduced by 75 million Sm3 o.e. due to the fact that equivalent volumes were proven through exploration in 2020.
The North Sea is home to about 43 per cent of the remaining resources. The distribution of the remainder shows that 38 per cent remain in the Barents Sea and 19 per cent remain in the Norwegian Sea. Large parts of the remaining expected resources in the Barents Sea are not proven.
At year-end there were 67 producing fields in the North Sea. One new field came on stream in 2020, Skogul, and production also started from the redeveloped Tor field. The Gyda field shut down production in 2020 after nearly 30 years, 10 years longer than estimated in the development plan.
There are 20 producing fields in the Norwegian Sea. One new field started production; Dvalin. The Ærfugl field had its official start-up in November 2020 (for technical accounting purposes, the resources in Ærfugl were entered under the Skarv field). There are two producing fields in the Barents Sea.
(Source: NPD – Image: Statfjord B platform)