Statoil optimistic

New calculations from Statoil indicate that there can be 6 billion barrels more oil in Norwegian territory than the Directorate of Oil estimated in June.

New calculations from Statoil indicate that there can be 6 billion barrels more oil in Norwegian territory than the Directorate of Oil estimated in June. At today's prices this would mean an additional national income of NOK 1,000 billion.

Statoil's head of search operations, Tor Fjaeran, believes that there is much more oil and gas in the deepest reaches of the Norwegian Sea than the Oil Directorate credits.

A surprising find in the Ellida field in August strengthens this opinion, but extracting the petroleum resources will require authorities opening up areas now closed due to fishery and environmental considerations.

"We now believe there are 28.3 billion barrels of oil and gas in the Norwegian shelf which are so-called undiscovered resources. These are new figures. We believe that particularly the deep-water areas of the Norwegian Sea contain more oil and gas than the directorate's figures," Fjaeran said.

Rolf Wiborg at the Oil Directorate does not consider greater optimism from other sources to be big news, and said that Statoil's estimates were within the margin of error in their own calculations.

"We have also, in our analyses, shown that there can be grounds for adjusting undiscovered resources in the depths of the Norwegian Sea upwards," Wiborg said.

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