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Publishing new resource report

02/07/2013 The biggest change in the petroleum industry since 2011 is that optimism on the Norwegian shelf is greater than it has been in quite some time.

This is evident in the Norwegian Petroleum Directorate’s new resource report.

The Norwegian Petroleum Directorate publishes a resource report every other year.

“After the authorities adjusted the exploration policy and, among other things, let new players enter the game about ten years ago, the number of players on the Norwegian shelf has almost doubled. This has resulted in a high level of exploration activity, and many discoveries have been made,” says Sissel Eriksen, director of exploration in the Norwegian Petroleum Directorate.

In this resource report, the Norwegian Petroleum Directorate presents analyses showing that the medium-sized companies are strengthening their position on the Norwegian shelf. It looks as if these companies are about to take over the position the integrated international oil companies have had on the shelf since the very beginning almost 50 years ago.

The major discoveries in recent years have not reduced the estimated undiscovered resources – on the contrary:

“The most important reason is that new knowledge results in greater faith in the possibilities of finding more. There is still a lot of oil and gas to discover in the North Sea, Norwegian Sea and Barents Sea,” says Eriksen.

The Norwegian shelf became larger two years ago, when Norway and Russia signed the final demarcation line agreement in the Barents Sea. The Norwegian Petroleum Directorate has mapped the southeastern part of the Barents Sea. This area could be made available to the industry as soon as this year, if the Storting approves.

The Norwegian Petroleum Directorate also maps the Norwegian sea areas off Jan Mayen. This work will be completed by next year. The mapping will provide more knowledge about possible petroleum resources and the geology in the deep sea areas to the west in the Norwegian Sea.

 

Updated: 02/07/2013