Norway Reduces Reserve Estimate by 7%
The Norwegian Petroleum Directorate reduced its estimate of total recoverable oil and gas resources on the Norwegian continental shelf by seven percent to 80.5 billion barrels of oil equivalents. The figure includes oil and gas already produced on the shelf and total remaining recoverable resources estimated at 57.9 billion barrels of oil equivalents (boe).
"The adjustment is mainly due to reduced estimates of undiscovered gas resources in the Norwegian Sea and lower expectations concerning increased gas production," the directorate said. The estimate for undiscovered oil resources is more or less unchanged. The total recoverable oil and gas estimate contained considerable uncertainty, and the resources ranged from 66.0 billion barrels of oil equivalents (boe) to 91.2 billion boe. Total recoverable resources included an estimated 38.4 billion barrels of oil and 37.7 billion boe of gas, 2.5 billion boe of natural gas liquid (NGL) and 1.9 billion boe of condensate.
The directorate feels that despite the reduced estimate for the undiscovered resources, the possibilities for making discoveries on the continental shelf are still good. The new estimates reflect the situation as of the end of May.
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