The Resource Accounts for last year have now been published

The volume of undiscovered resources has been reduced, primarily in unopened areas in the Barents Sea. Areas opened for petroleum activities have seen a minor reduction, which is offset by exploration results in 2023.

Estimates for the overall resource volumes (including volumes sold and delivered) on the Norwegian shelf amount to 15,575 million Sm³ of oil equivalent (o.e.), which means a minimal reduction of 191 million Sm³ of o.e., or 1.2 per cent compared with the previous year.

Around 55 per cent of the overall resources on the Norwegian shelf have already been sold and delivered. Seven per cent are contingent resources in fields and discoveries – meaning petroleum resources for which development plans have yet to be approved. 22 per cent of the overall resources remain to be discovered.

“This shows that, even after 50 years of petroleum activity, there’s plenty left to discover and produce, in all ocean areas. The Norwegian shelf is not in any way outdated,” says Nadine Mader-Kayser, Assistant Director of Technology, Analyses and Coexistence. Some of these resources are time-critical: “This means that we need to find out how they can be produced, profitably and with a small climate footprint, while the infrastructure is still in the area,” Mader-Kayser says.