Business Services Industry
Norwegian Petroleum Directorate cuts resource estimate
Nordic Business Report, June 26, 2003
NORDIC BUSINESS REPORT-26 June 2003-Norwegian Petroleum Directorate cuts resource estimate(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian Petroleum Directorate has revised downwards its estimate of the total oil and gas on Norway's continental shelf, according to the Norwegian state-owned oil company Statoil ASA.
The directorate reportedly cut its estimate by 7% to 12.8bn cubic metres of oil equivalent, largely reflecting a reduction in undiscovered gas resources thought to lie in the Norwegian Sea.
At the same time the directorate reduced its expectations for improved gas recovery from the Norwegian continental shelf.
Commenting on the revisions, Statoil said that it agreed that estimates for areas of the continental shelf should be downgraded somewhat. The company added however that it continued to see a potential for making large discoveries, particularly in the Norwegian and Barents Seas.
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