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Values for the Future - The Norwegian Petroleum Directorate’s Resource Report and Outlook

by Alexey Deryabin, NPD

was presented on the 4th of October, 2017.

Abstract

The significant remaining resources in discoveries and fields make it possible to create values for the Norwegian society for many decades to come, according to the Norwegian Petroleum Directorate’s new report.

Since 1990, total resources, including the estimate for undiscovered resources, have increased by more than 40 per cent. In fact, more resources than we expected overall in 1990 have been proven, and there is still a lot left to find. In order to extract all the values, the industry must cooperate on utilizing the infrastructure that exists and use the available technology.

“We have been producing oil and gas in Norway for nearly 50 years and we are still not halfway done. Vast volumes of oil and gas have been discovered on the Norwegian shelf that are still waiting to be produced. We want companies with the ability and willingness to utilize new knowledge and advanced technology. This will yield profitable production for many decades in the future”, says Ingrid Sølvberg, Director of development and operations in the Norwegian Petroleum Directorate.

At the turn of the year, there were 77 discoveries on the Norwegian shelf that are being considered for development. Most are located in the North Sea, and the largest are in the Barents Sea. The resources in these discoveries amount to 700 million Sm3 o.e.

In addition, nearly 850 million Sm3 o.e. can be produced through improved recovery measures, as much as the total production from the Statfjord field since its start-up in 1979. This presumes that the companies will make investment decisions for projects that have already been identified.

The Norwegian shelf has been a laboratory for testing new technology. We now need to become leaders with regard to using the technologies that have been developed. We have a strong offshore technology environment in Norway. Let’s make sure this is also maintained in the future.

The presentation can be downloaded as a PDF

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Alexey Deryabin, CV

Alexey Deryabin holds MSc. in Marine Geology from University of Tromsø and has 11 years of experience within Petroleum Industry. For the past 5 years he has worked for the Norwegian Petroleum Directorate in Harstad and Stavanger offices where he is involved in license rounds, reservoir modelling and authorities follow up of field developments on NCS.