Norwegian Shelf Reserves Could be 20% Higher than Estimated

Undiscovered oil and gas resources on the Norwegian continental shelf could be more than 20 percent higher than official estimates, according to an audit carried out by Statoil.

Expectations to the Norwegian Sea increase Statoil's resource estimates for the Norwegian continental shelf.

"An overall review has given us this increase on the Norwegian Petroleum Directorate's figure," says exploration head Tor Fjaeran in the Exploration & Production Norway (UPN) business area.

However, Statoil's revised forecast of 28.3 billion barrels of oil equivalent lies within the uncertainty range for estimates in the NPD's resource report.

At the same time, the finding represents a downgrading from the group's earlier figure after applying a more stringent risk assessment.

"The principal difference between our estimate and the NPD's relates to expectations for the deepwater areas of the Norwegian Sea," explains Mr. Fjaeran. But both analyses indicate substantial remaining resources on the NCS.

"These results are important for Statoil's commitment to these waters, and show that future opportunities are present," says Mr Fjaeran.