OG21 Strategy - A New Chapter

Norwegian petroleum resources – less than half produced and sold

Even though the NCS is maturing, less than 50% of the potential economically viable resources have been produced (NPD, 2020).

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As Figure 2 shows, 18% of remaining resources are booked reserves, 4% are contingent upon investment decisions in producing fields, and 5% are contingent upon investment decisions in the existing discovery portfolio. The contingent resources add up to more than 9000 million boe, equivalent to more than 4 times the volumes of the Johan Sverdrup field.

25% of estimated resources are yet to be found. The Barents Sea dominates this category, although related with a high uncertainty span. Half of the Barents Sea estimate is from unopened areas far North. The North Sea and Norwegian Sea are believed to still hold significant, undiscovered resources. The continued discovery trend of small, but still commercial fields, supports this belief.

Improved subsurface understanding, new technology in all disciplines described by OG21's technology groups as well as changes to work processes are all important elements in the maturing of contingent resources and finding and maturing new resources to cost-efficient production with relatively low GHG-emissions.

There are considerable remaining resources on the NCS. Still, in a global context, the NCS resources are rather modest. The bulk of remaining resources globally is in the Middle East and the Americas.

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