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Higher estimate of untapped resources on the Norwegian Shelf

New calculations show that there may be 6 billion more barrels of oil on the Norwegian Shelf than earlier estimated by the Oil Directorate.

New calculations show that there may be 6 billion more barrels of oil on the Norwegian Shelf than earlier estimated by the Oil Directorate.

This would increase the value of untapped resources by NOK 1,000 billion at today's price level.

Earlier this year, the Oil Directorate presented estimates showing that there were around 22 billion barrels of oil on the Norwegian Shelf which had not yet been discovered.

Now Statoil is of the opinion that these estimates shoud be increased to 28.3 billion barrels, NRK reports.

-It is particularly on the deepest areas of the Norwegian Sea that we believe that there is more gas and oil than shown by the Directorate's calculations, Statoil exploration director Tor Fjaeran says to Aftenposten.

In August, Statoil made a surprise find of oil on the Elida Field, which is located on the deepest part of the Norwegian Sea.