Undiscovered Oil, Gas Resources in Barents Sea Double
The undiscovered oil and gas resources in the Barents Sea are twice as large as previously assumed, according to the Norwegian Petroleum Directorate’s new calculations.
The NPD recently mapped the eastern part of the northern Barents Sea, a large part of which is located in a previously disputed area. With new information to hand, the NPD revealed that undiscovered resources in the Barents Sea have now been increased to nearly 65 percent of the total undiscovered resources on the Norwegian shelf, up from a previous total of 50 percent.
The resources in the new area are estimated at 1.4 billion standard cubic metres of oil equivalents. This is equivalent to 14 Johan Castberg fields, and more than five times the Snøhvit field, the NPD stated.
“This figure is naturally associated with some uncertainty. It could turn out to be lower or it could be much higher,” Director General Bente Nyland said in an NPD statement, adding that about 60 per cent of the resources are likely liquids, and the rest is gas.
Since 2012, the NPD has worked on an assignment from the Norwegian Parliament to map the Norwegian Sea area in the eastern part of the northern Barents Sea. The area has not been opened for petroleum activities.
WHAT DO YOU THINK?
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.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension