Plenty of oil and gas left on the Norwegian shelf

Source: press release, 17 February 2021

Petroleum resources and uncertainty in the estimates as of 31 December 2020 (illustration: NPD)
Petroleum resources and uncertainty in the estimates as of 31 December 2020 (illustration: NPD)

In the updated Resource Accounts, the Norwegian Petroleum Directorate (NPD) projects that there are 8 billion standard cubic metres of oil equivalent (Sm3 o.e.) left to produce on the Norwegian continental shelf (NCS).

This corresponds to around 19 times the volume that will be produced from the Johan Sverdrup field in the North Sea.

The Resource Accounts are an overview of the NPD’s estimated total proven and unproven petroleum resources on the NCS.

Of the remaining resources on the NCS, 4.2 billion Sm3 o.e, or 52%, are proven. Unproven resources are estimated at 3.8 billion Sm3 o.e.

Total proven and unproven petroleum resources on the NCS are estimated at 15.8 billion Sm3 o.e. This is 28 million more than as of 31 December 2019.

According to May Karin Mannes, the NPD’s Director analysis and data management, 49% of the resources, or 7.8 billion Sm3 o.e, have been sold and delivered.

Production on the Norwegian shelf in 2020 was 229 million Sm3 o.e.