Norway has 108 oil and gas finds still undeveloped

Feb 18, 1997 01:00 AM

The Norwegian Oil Directorate (OD) said there were 108 hydrocarbon discoveries on the Norwegian continental shelf, which have so far not been approved for development by the authorities. In its latest report on discovered but unapproved petroleum finds, the OD said the prospects contain 450 mmcm of oil equivalent and 810 mmcm of gas, and accounted for 10 % of estimated total recoverable reserves in Norwegian waters of 12.5 bncm of oil equivalent. The OD said more than half of the resources and 80 % of the oil discoveries, were located in the Norwegian sector of the North Sea. The oil and natural gas liquids (NGLs) of the Norwegian and Barents Sea were mostly found in discoveries containing large volumes of gas. Sixteen of the discoveries -- 11 oil finds -- not approved for development were made in 1995 and 1996, and generally had a higher proportion of oil and better economic potential than others in the same category. It said resources in the North Sea amounted to 750 mmcm of oil equivalent, but more than 60 % of the discoveries in the province contained less than five million cubic metres. In the Norwegian Sea and Barents Sea there were 27 discoveries not approved for development, totalling an estimated 500 mm cm of oil equivalent. The OD said around 60 % of the oil resources were expected to be in development plans in 1997 or 1998. About 30 % of gas discoveries was expected to be under development plan over the next two years, it said. Analysis shows that about 50 % of the resources are situated closer than 25 kilometres from existing installations. The resources, can with present-day technology and experience, be tied into the installations provided there is available capacity in processing plants. Production forecasts indicated substantial vacant oil processing capacity after 2000, while gas processing capacity would mainly rise after 2005. The OD said none of the remaining discoveries were time critical, however, licensees should develop a strategy to ensure an appropriately timed phasing-inof new prospects to achieve optimum use of existing installations.

Source: not available
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« December 2020 »
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31

Register to announce Your Event

View All Events