The Norwegian Petroleum Directorate presented updated resource figures for the Norwegian Continental Shelf. The Barents Sea is expected to hold 30% more oil and gas than previously estimated, and may potentially hold almost double the old estimate.
If the geological factors prove favourable, the Norwegian areas surrounding Jan Mayen may contain larger resources than the new Norwegian areas in the Barents Sea. As both areas are new, the resource estimates are uncertain. The actual resource base can only be confirmed by opening the areas for petroleum activities and drilling exploration wells.
“This is good news for Norway. These increased resources represent a vast asset for the Norwegian society. I am particularly pleased for Northern Norway, which has clearly confirmed its position as Norway’s next oil region,” says Minister of Petroleum and Energy Ola Borten Moe.
Read more about the increased resource estimates here.