The shelf in 2004 - Stable resources
14/01/2005 There is no change in the overall estimate of petroleum resources on the Norwegian continental shelf as of 31 December 2004 compared to last year’s account. However, there has been a considerable maturing of the offshore resources.
The remaining proven and undiscovered resources have been reduced from 9.1 to 8.9 billion Sm3 oil equivalents (o.e.). This comprises three per cent of the resource reserves. The reduction is ascribed to the production in 2004.
The resource accounts show that we now have 60 evaluated discoveries with an expected resource potential of nearly 750 million Sm3 o.e. Contingent resources in discoveries have been adjusted down with 12 million Sm3 o.e., from 764 million Sm3 o.e. to 752 million Sm3 o.e.
If the 2004 production is deducted, the estimate for remaining proven resources has been reduced from 5.7 to 5.5 billion Sm3 o.e.
The estimate over total undiscovered resources is unchanged from last year.
The approval of development plans for discoveries added an extra 54 million Sm3 o.e. to the reserves. Approval was also granted for a number of projects for improved recovery on existing fields, amounting to a total of 82 million Sm3 o.e.
At the same time, 263 million Sm3 o.e. were produced, giving a reserve replacement rate of just over 50 per cent. The net reduction in reserves in 2004 thus amounted to -127 million Sm3 o.e. The total remaining reserves have been reduced by three per cent from 4.1 to 3.9 billion Sm3 o.e.
The average recovery rate for oil from fields in operation has risen from 45.5 last year to 46.0 per cent.
Eighty million Sm3 oil has been added to the reserves because projects for increased recovery have been approved on over 30 fields.
Contact in the NPD:
Eldbjørg Vaage Melberg, tel +47 51876100