Norway Holds 'Significant Remaining Resources'
Norway’s ‘significant remaining resources’ can create value 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 percent, the NPD revealed.
“More resources than we expected overall in 1990 have been proven, and there is still a lot left to find,” an NPD spokesperson said in an organization statement.
Oil and gas production from the country is still not at its mid-point, according to Ingrid Sølvberg, director of development and operations for the NPD.
“Vast volumes of oil and gas have been discovered on the Norwegian shelf that are still waiting to be produced,” Sølvberg said in an NPD statement.
At the turn of the year, there were 77 discoveries on the Norwegian shelf that were being considered for development. Most are located in the North Sea, and the largest are in the Barents Sea.
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