The shelf in 2006 - Resource accounts (preliminary figures as of 31 December 2006)
There has been no significant change in the overall estimate of petroleum resources on the Norwegian continental shelf as of 31 December 2006. The estimate is 13 GSm3 o.e. The accounts show a limited addition of new resources from exploration and zero growth as regards gross reserves; in fact, there has been a small downward adjustment of gross oil reserves (-16 Msm3). On the more positive side, a number of projects have matured, and new projects have been initiated on fields.
4.6 GSm3 oil equivalents (billions Sm3 o.e) have been produced as of 31 December 2006. 49 discoveries and nearly 300 improved recovery projects, together with approved projects, yield a portfolio of 5.2 GSm3 o.e. of remaining proven resources.
There has been only a slight increase in gross petroleum reserves in 2006. In spite of increased reserves on several fields, as well as maturing of resources to reserves, the reserve reductions on existing fields held the increase in gross gas and liquid reserves to just 1 MSm3 o.e. The greatest increases in reserves came from the Sleipner Vest, Ekofisk and Yme fields. The largest reductions in the petroleum reserves came from the Åsgard, Valhall and Kristin fields.
During the course of the year, gross oil reserves were reduced by 16 MSm3. In relation to the authorities' new goal of maturing 800 MSm3 oil as reserves by 2015, 155 MSm3 oil (or nearly 1 billion barrels) were entered as new reserves in 2005. The accounts for this year reveal a reduction in achieved reserve growth amounting to 16 MSm3.
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The gas bank in the Barents Sea
Analyses show that the Barents Sea contains significant resources, probably more gas than oil. What needs to be done if Norway is to supply Europe with the requested volumes of gas?
Plenty of potential in tight reservoirs
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