Rocksource maps a third of Norway's last oil and gas reserves

Oct 10, 2008 02:00 AM

Norway-based oil company Rocksource said it has mapped 39 oilfield prospects on the Norwegian continental shelf said to contain some 7.5 bn barrels of oil and gas -- a third of the country's remaining reserves -- ahead of the coming Round 20 of offshore licensing.
The company wields software that gleans the best of electromagnetic surveying which, reputedly, already brings "pinprick accuracy" to the search for oil and gas.

Since 2007, Rocksource's Round 20 project has "developed" prospective Norwegian offshore blocks into assets worthy of oil-company partners. Although an operator in its own right, the company could summon partners seemingly at will.
"According to the Norwegian Petroleum Directorate, there's 20 bn bbl yet to be found on the NCS, and now we've tested 7.5 bn of that," chief executive Trygve Petersen told.

The "global average" for bringing a field into commercial success is said to be 20 %. But after a year of eliminating and elevating prospects by the careful study of electromagnetic survey results, Petersen said Rocksource has "significantly increased" the chances of success in its prospective Norway acreage.
"We found (the prospects) in open acreage," Petersen said, adding, "They are all of the size which will, with success, be commercial developments."

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