New resource figures for the Barents Sea

There are probably enormous undiscovered oil and gas resources in the unopened areas of the Barents Sea and around the Jan Mayen island, according to the Norwegian Petroleum Directorate (NPD).

The NPD says its mapping of the southeastern Barents Sea and the area surrounding Jan Mayen will result in an approximate increase of 15 per cent in the estimates of undiscovered resources on the Norwegian shelf.

This corresponds to about 390 million standard cubic metres (Sm3) of oil equivalents (o.e.).

The mapping of these petroleum resources is a step in the authorities’ process to open these areas for petroleum activity.

In the opened part of the Barents Sea and the northern Barents Sea, the expected figure for undiscovered resources is 960 million Sm3 o.e. This is equal to 37 per cent of the undiscovered resources on the Norwegian shelf. The new resource estimates for the southeastern Barents Sea increase the estimate of total undiscovered resources in the area by about one-third, and strengthen the Barents Sea’s significance for Norwegian petroleum activities.

The expected resources in the Jan Mayen area are estimated at 90 million Sm3 o.e. The estimates indicate that there could be considerable resources in the area. The NPD’s estimate indicates an upside of 460 million Sm3 o.e.

Source: http://www.norwaypost.no/index.php/business/15-oil-a-gasshipping/28194-new-resource-figures-for-the-barents-sea-

Posted On : 18 March,2013