Estimated useful resource volumes on the Norwegian continental shelf rose 36 million commonplace cubic meters of oil equal (scmoe) to fifteen.61 billion scmoe – earlier than accounting for manufacturing – as of year-end 2024, Norway’s upstream regulator has reported.
The whole determine consisted of 8.73 billion scmoe produced, 2.26 billion scmoe of reserves, 651 million scmoe of contingent assets in fields, 472 million scmoe of contingent assets in discoveries and three.5 billion scmoe of undiscovered assets.
The produced quantity rose 239 million scmoe from 2023, whereas reserves dropped 205 million scmoe. Whole contingent assets fell 17 million scmoe in opposition to 2023. Undiscovered assets climbed 20 million scmoe in opposition to 2023.
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The rise in undiscovered assets got here from opened areas, with no change in undiscovered assets in unopened areas. “This alteration outcomes from a discount in undiscovered assets within the North Sea, coupled with will increase within the Barents Sea and within the Norwegian Sea”, the Directorate mentioned.
“Giant areas within the Barents Sea have but to be opened for petroleum exercise, and that is the place the best anticipated worth for undiscovered assets might be discovered”, it famous.
By way of the type of assets, undiscovered volumes in 2024 “present a lower within the quantity of liquids and a rise in pure fuel quantity”, the Directorate mentioned. “Total, this yields a minor enhance within the general quantity of undiscovered assets. This marks a shift from earlier years when the amount of undiscovered assets started reducing from 2018”.
For found assets, “liquids have remained unchanged since 2022, whereas there’s nonetheless development in found assets for pure fuel”, it reported.
The Norwegian aspect of the North Sea had 370 million scmoe of undiscovered liquids as of 2024, all from opened areas. Undiscovered fuel within the space totaled 205 million scmoe, all from opened areas.
Within the Norwegian Sea, undiscovered liquids have been 170 million scmoe as of 2024, all from unopened areas. Undiscovered fuel was 70 million scmoe, from unopened areas.
Within the Norwegian sector of the Barents Sea, undiscovered liquids totaled 675 million scmoe as of 2024, from unopened areas. Undiscovered fuel was 490 million scmoe, from unopened areas.
Oil reserves throughout Norwegian waters stood at 858 million scm as of December 2024, whereas that of fuel landed at 1.26 trillion scm. Contingent oil in fields and discoveries was 325 million scm and 221 million scm respectively. Contingent fuel in fields and discoveries was 294 billion scm and 230 billion scm respectively.
“There’s extra uncertainty related to undiscovered and contingent assets than reserves”, the Directorate mentioned. “These uncertainties embrace e.g. geology, know-how and economics. The uncertainty within the estimates declines because the assets develop into extra mature”.
“Within the North Sea, the place the business has been lively the longest, the vast majority of the assets are outlined as reserves”, it mentioned. “59 % of the remaining assets within the North Sea are categorized as reserves, the place the distribution between liquids and pure fuel is roughly equal.
“Within the Norwegian Sea, reserves account for 31 % of the remaining whole assets, the place pure fuel kinds the biggest half. The undiscovered assets make up the biggest share of the remaining assets with 56 %”.
Within the Barents Sea, “82 % of the remaining liquids and pure fuel assets within the unopened and opened areas within the Barents Sea are but to be found”, the Directorate added.
To contact the creator, e mail jov.onsat@rigzone.com
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