New calculation: More than half of Norwegian oil is still below the seabed

Johan Sverdrup platformPhoto: Carina Johansen / NTB

According to the Norwegian Petroleum Directorate, more than half of the oil and gas found on the Norwegian shelf is still below the seabed.

“I believe the oil and gas age in Norway has another 50 years, yes. The world still needs oil and gas,” Trond Omdal, director of investor relations in the Norwegian oil company Okea, told Norwegian Broadcasting (NRK).

He referred to the analyses from the International Energy Agency (IEA), according to which the demand for oil and gas will increase until the middle of the 2030s and then flatten out.

The Norwegian Petroleum Directorate (NPD) estimates that 49% of the recoverable resources on the Norwegian shelf have been produced, while 24% have not yet been found.

Undiscovered resources

The NPD’s latest resource report, which came out last year, states that about 40% of the undiscovered resources are located in areas that have not yet been opened for petroleum activities.

Minister of Petroleum and Energy Tina Bru (H) says it is important for the Norwegian Petroleum Directorate to make estimates of how much oil actually exists.

“We do not have a goal to pick up everything on the Norwegian shelf. Whether we extract more depends on whether there are profitable resources,” Brzu said, among other things.

Labor Party (AP) leader Jonas Gahr Støre makes it clear that he does not intend to announce any oil cuts, as he doesn’t believe such moves are necessary for the green transition.

“Our position is that we should develop, not wind up that industry (i.e., the oil industry), because we build new jobs based on it,” Støre said.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews

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1 Comment on "New calculation: More than half of Norwegian oil is still below the seabed"

  1. Hopefully not to be wanted or needed and to stay there.

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