Norway has more recoverable oil today than 10 years ago

Norway has more recoverable oil today than 10 years ago

Oslo: Finally some good news today for Norway’s near suicidal offshore community. Following thousands of layoffs in the wake of the oil price drop, looking ahead there could be a need for plenty of rehires. It turns out that the current recoverable volume of oil in fields and discoveries on the Norwegian shelf exceeds the estimated figure in 2005, and it is also presumed that more oil remains to be discovered, according to a report just out from the state-run Norwegian Petroleum Directorate (NPD).

“A lot of good work has been done to increase the resources on the Norwegian shelf, and there has been substantial resource growth in many fields,” said Kirsti Veggeland, assistant director general for shelf analysis at the NPD.

“The most important reasons for this are more wells, extended field lifetimes and improved knowledge. Decisions were also made to develop new deposits in the fields over the ten-year period.”

Moreover, the figures released do not include the giant Johan Sverdrup development, which could hold up to 2.9 barrels of oil.

“The NPD had hoped that improved recovery measures would account for a greater share of the growth in oil reserves. However, many new opportunities to improve recovery have been identified, and the potential is greater in 2015 than it was ten years ago,” added Veggeland.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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