Following 16 Years Of Unremitting Progress
Beginning with the discovery of the Ekofisk oil field in 1970, successful exploration in Norway’s North Sea waters has brought the country into No. 1 place in Europe (excluding the Russian Federation), in terms of oil in place, proved reserves and manufacturing.
On the premise of information published by the Norwegian Petroleum Directorate (NPD), total remaining oil reserves at end-2008 amounted to 7 491 million barrels, comprised of 919 million m3 (5 780 million barrels) of crude oil, one hundred twenty million tonnes (1 440 million barrels) of NGLs and forty three million m3 (270 million barrels) of condensate. ‘Remaining reserves’ are outlined as ‘remaining recoverable petroleum sources in deposits for which the authorities have accredited the plan for improvement and operation (PDO) or granted a PDO exemption’. They ‘also include petroleum sources in deposits that the licensees have decided to develop, however for which the authorities haven’t as yet accomplished processing of either a PDO approval or a PDO exemption’.
In addition to ‘remaining reserves’, the NPD reviews ‘contingent resources’, defined as ‘discovered portions of petroleum for which no improvement determination has but been made’, and ‘potential from improved recovery’: together these signify 688 million m3 (4 327 million barrels) of crude oil, forty two million tonnes (502 million barrels) of NGLs and 32 canada oil exports by country million m3 (201 million barrels) of condensate – a total extra recoverable resource of just over 5 billion barrels. Butene Equipment Over and above these amounts, the NPD estimates that Norway possesses about 9.6 billion barrels of ‘undiscovered resources’, comprising 1 260 million m3 (7 925 million barrels) of crude oil and 265 million m3 (1 667 million barrels) of condensate. Undiscovered sources include ‘petroleum volumes expected to be current in defined performs, confirmed and unconfirmed, however which have canada oil exports by country not but been proven by drilling’.
As a body of reference, it could also be noted that Norway’s cumulative oil production to the top of 2008 consisted of 3 405 million m3 (21 417 million barrels) of crude oil, 116 million tonnes (
1 386 million barrels) of NGLs and 96 million m3 (604 million barrels) of condensate, for a grand complete of 23 407 million barrels of oil, in contrast with its complete remaining discovered and undiscovered oil resources of 22 106 million barrels. Following 16 years of unremitting growth, Norwegian oil manufacturing levelled off within the late 1990s and since 2001 has followed a gently downward path. Almost eighty four% of Norway’s 2008 crude oil manufacturing of some 2.1 million b/d was exported, largely to Western European international locations, Canada and the USA.
According to The Oil and Gasoline Journal (OGJ), Norway had 5.32 billion barrels of proven oil reserves as of January 1, 2012, the largest oil reserves in Western Europe. All of Norway’s oil reserves are situated offshore on the Norwegian Continental Shelf (NCS), which is divided into three sections: the North Sea, the Norwegian Sea and the Barents Sea. The majority of Norway’s oil manufacturing occurs within the North Sea, with smaller amounts in the Norwegian Sea and new exploration and manufacturing activity occurring in the Barents Sea.
In June 2012, Norway’s oil and gas production confronted being fully shut-in when an offshore staff strike began over employers’ plans to increase the retirement age from 62 to 67. Authorities intervention stopped the strike, throughout which cutbacks to the country’s manufacturing affected 15 p.c of oil and 7 percent of gasoline production, in response to Statoil.
In 2011, Norway produced 2.Zero million bbl/d of petroleum and different canada oil exports by country fuels, of which about 87 % was crude oil. Norway’s petroleum manufacturing has been regularly declining since 2001 as oil fields have matured. The NPD expects that manufacturing will proceed to decline slowly over the following few years, and that within the longer time period the number and dimension of new discoveries will be a important consider sustaining production levels. At present, seventy fields are in manufacturing on the NCS. The three largest producing oil fields are Ekofisk, which produced 162,000 bbl/d in 2010; Grane, which produced 166,000 bbl/d; and Troll, which produced 118,000 bbl/d.
In keeping with the Worldwide Power Agency (IEA), Norway exported an estimated 1.Forty five million bbl/d of crude oil in 2011, of which ninety percent went to OECD European countries. The top 5 importers of Norwegian oil (crude plus merchandise) in 2011 had been the United Kingdom (52 p.c), the Netherlands (18 %), the United States (10 %), France (8 %), and Germany (5 %).