The undiscovered oil and gas resources in the Barents Sea are twice as large as previously assumed, according to the Norwegian Petroleum Directorate’s new calculations.
The NPD recently mapped the eastern part of the northern Barents Sea, a large part of which is located in a previously disputed area. With new information to hand, the NPD revealed that undiscovered resources in the Barents Sea have now been increased to nearly 65 percent of the total undiscovered resources on the Norwegian shelf, up from a previous total of 50 percent.
The resources in the new area are estimated at 1.4 billion standard cubic metres of oil equivalents. This is equivalent to 14 Johan Castberg fields, and more than five times the Snøhvit field, the NPD stated.
“This figure is naturally associated with some uncertainty. It could turn out to be lower or it could be much higher,” Director General Bente Nyland said in an NPD statement, adding that about 60 per cent of the resources are likely liquids, and the rest is gas.
Since 2012, the NPD has worked on an assignment from the Norwegian Parliament to map the Norwegian Sea area in the eastern part of the northern Barents Sea. The area has not been opened for petroleum activities.
source? http://www.rigzone.com/news/oil_gas/a/149834/Undiscovered_Oil_Gas_Resources_in_Barents_Sea_Double
