NPD Reports 2.8B Barrel Increase in Norwegian Resources

NPD Reports 2.8B Barrel Increase in Norwegian Resources

The Norwegian Petroleum Directorate announced Friday that its 'petroleum resource account' for Dec. 31 2012 stood at 85.5 billion barrels of oil equivalent of total recoverable resources – an increase of 2.8 billion barrels compared with a year earlier.

The NPD said that the increase in recoverable resources was mainly due to an increase in field reserves, increased resource estimates for discoveries, resource growth from new discoveries and an increase in the volume estimates of yet-to-be-discovered resources.

Growth in reserves during 2012 was 2.16 billion barrels. This increase was due to discovered resources being approved for development and because there had been an increase in reserves for fields in production. Ekofisk, Troll and Gullfaks Sør saw the largest increase in oil reserves. Ormen Lange had the largest increase in gas reserves. 

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