The significant remaining resources in discoveries and fields make it possible to create values for the Norwegian society for many decades to come, according to the Norwegian Petroleum Directorate’s new report.
Since 1990, total resources, including the estimate for undiscovered resources, have increased by more than 40 per cent. In fact, more resources than expected overall in 1990 have been proven, and there is still a lot left to find. In order to extract all the values, the industry must cooperate on utilizing the infrastructure that exists and use the available technology.
At the turn of the year, there were 77 discoveries on the Norwegian shelf that are being considered for development. Most are located in the North Sea, and the largest are in the Barents Sea. The resources in these discoveries amount to 700 million Sm3 (4.403 billion barrels) of oil equivalent
In addition, nearly 850 million Sm3 (5.346 billion barrels) of oil equivalent can be produced through improved recovery measures, as much as the total production from the Statfjord field since its start-up in 1979. This presumes that the companies will make investment decisions for projects that have already been identified.
The Norwegian Petroleum Directorate has also identified a technical potential for substantial volumes of oil and gas. Through using advanced methods for enhanced oil recovery (EOR), volumes in the scope of 320 – 860 million Sm3 (2.012 – 5,409 billion barrels) of oil could be recovered.
Furthermore, there are vast volumes of oil and gas in tight reservoirs that could be recovered using new technology. (Source: NPD)