The Shelf in 2012 – bright prospects for the Norwegian continental shelf

The Norwegian Petroleum Directorate today presented facts and figures for the Norwegian continental shelf in 2012, including updated resource accounts and activity forecasts for the next five-year period.

The Petroleum Directorate has increased its estimate of remaining resources in view of several discoveries made in recent years and improved understanding of the geology of the Norwegian continental shelf. The current estimate is 13.6 billion Sm³ of oil equivalents, an increase of 447 million Sm³ of oil equivalents on last year’s estimate. At the current oil price, this increased volume equates to NOK 1,500 billion.

“The Petroleum Directorate’s petroleum estimate shows that the Norwegian continental shelf still contains large resources that will provide a basis for stable, long-term petroleum industry activity for many years into the future,” says Minister of Petroleum and Energy Ola Borten Moe.

Activity levels in the petroleum industry will remain high, according to the Petroleum Directorate’s calculations. Investment is expected to total approximately NOK 157 billion in 2013, in addition to exploration costs of around NOK 35 billion and operating costs of about NOK 62 billion.

“The oil and gas industry is characterised by optimism and willingness to invest. This shows that the government’s long-term, predictable policy is achieving the desired results. Our coordinated focus on increased production, the development of discoveries, exploration in mature and immature areas, and the opening up of new areas is supporting both the short-term and long-term aspects of the petroleum industry,” says Minister of Petroleum and Energy Ola Borten Moe.

Read more about the results in The Shelf in 2012 on the website of the Norwegian Petroleum Directorate.