NPD Increases Petroleum Resource Estimate of NCS

NPD Increases Petroleum Resource Estimate of NCS
The Norwegian Petroleum Directorate increases its estimate of total discovered and undiscovered petroleum resources on the Norwegian shelf.

The Norwegian Petroleum Directorate has increased its estimate of total discovered and undiscovered petroleum resources on the Norwegian shelf by 3.5 billion cubic feet of oil equivalents to around 500 billion cubic feet.

Forty seven percent of these resources have been sold and delivered, according to the NPD, meaning around 268 billion cubic feet of oil equivalents remain to be produced. Of this amount, 165 billion cubic feet are proven resources. The estimate for undiscovered resources is 102 billion cubic feet, or about 38 percent of total remaining resources. Around half of the undiscovered resources are thought to be located in the Barents Sea, with the rest thought to be equally divided between the North Sea and the Norwegian Sea.

Exploration activity in 2015 yielded resource growth estimated at 1.05 billion cubic feet of oil equivalents. A total of 56 exploration wells were spud, with 16 discoveries were made. Six of these were in the Norwegian Sea and ten were in the North Sea. Many of these discoveries are still being evaluated.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
 Company: Norwegian Petroleum Directoratemore info
 - Aker BP Makes North Sea Find (Dec 23)
 - Norwegian Production Rises (Dec 21)
 - Norwegian Production Drops 18% Month-on-Month (Oct 18)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Eni: Oil, Gas Discovery in Norwegian S... (Jan 17)
 -  Tullow Finds Oil in Kenyan Erut-1 Well (Jan 17)
 -  Utgard, Byrding Field Development Plan... (Jan 17)
 -  E&P Consultants Earning 27% Less than ... (Jan 17)
 -  NextDecade Leases Texas City Site for ... (Jan 17)


Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Revenue Accounting Specialist
Expertise: Accounting
Location: Houston, TX
 
Wind Site Manager - Operations & Maintenance
Expertise: Operations Management
Location: Vermont, VT
 
Switchgear Systems Service Manager - Power Distribution
Expertise: Operations Management
Location: Nashville, TN
 
search for more jobs

Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
Updated in last 24 hours