In addition there are probably many undiscovered

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: gian continental shelf are calculated at 13 billion standard cubic metres of oil. 31% of these resources have already been used. Of the remaining 69%, almost one half is set for production. In total, nearly 40% of the discovered marketable oil resources on the Norwegian shelf have not yet been extracted. In addition, there are probably many undiscovered fields. The Norwegian Petroleum Directorate estimates that the undiscovered resources alone amount to 7.3 billion barrels of oil.14 There is a high degree of uncertainty in this estimation, therefore the total resources are calculated to be somewhere between 10.6 and 16.9 billion cubic metres. Of these resources, 35% are sold and delivered, and the remaining 65% are distributed as follows: 28% are proven resources, 11% are contingent resources yet to be decided for development, and 26% are undiscovered resources. About half of the expected recoverable oil resources (including LNG and condensate) of a total 7.1 billion cubic metres have already been produced. Oil r...
View Full Document

This document was uploaded on 03/30/2014.

Ask a homework question - tutors are online