Resources of the NCS are growing

One-quarter of the Norwegian Continental Shelf resources yet to be found.

The Norwegian Petroleum Directorate (NPD) has announced its yearly Resource account.

According to their estimates of proven and unproven resources, the NCS held a total of 98,75 billion boe at December 31, 2019, up ~650 MMboe from December 31st, 2018. Now, 48 per cent ( 47.4 bill. boe) of this is already sold and delivered. 48 per cent of the remaining resources are yet to be found, estimated at 24,5 bill. boe.

Roughly 26.9 bill. boe are thus proven and not developed, yet.

Remaining petroleum resources distributed by ocean area as of 31 December 2019, according to the NPD.

According to the NPD’s calculations, resources in discoveries have increased by 270 MMboe, to 4.4 bill. boe, and constitute 16 per cent of the remaining proven resources.

The resource estimate for the unproven resources was updated in 2019, and will be updated again in 2021, also according to the NPD.

Contingent resources in discoveries saw an increase in the Barents Sea, mainly from 7120/12-2 (Alke Sør) and 7324/8-1 (Wisting), and from one discovery, the 7324/6-1 (Sputnik).

In the Norwegian Sea, the discoveries 6506/9-2 S (Fogelberg), 6706/6-1 (Hvitveis) and 6707/10-3 S (Ivory) were all scrapped (for now?). Six new discoveries were not enough to replace these lost volumes.

In the North Sea, an overall increase was seen, both from the ten discoveries but also from three discoveries that were considered unlikely for development last year, and are now being re-considered.

Of the undiscovered resources, the North Sea and the Barents Sea saw a small reduction in volumes (4.3 bill. boe, a change of – 4 %, vs 15.76 bill. boe, a change of -1 %), while the Norwegian Sea saw a small increase (4.5 bill. boe, a change of + 3 %).

2019 saw the production start on three fields in the North Sea, the Johan Sverdrup, Oda and Utgard. In the Norwegian Sea, the Trestakk field finally came into production.

PDOs have been approved for the 36/4-7 (Cara) discovery, now Duva field, and for the 16/4-6 S (Luno II) discovery, now Solveig field.

The increase in overall resources also comes from an increase in reserves in several fields, mainly in the North Sea.