Oil and gas resources are discovered, and discoveries are developed as fields if they are economically and technologically viable, and the oil and gas is produced and sold. This results in dynamic resource accounts that change from year to year. Resources is a general term for all oil and gas that can be recovered. Resources are classified according to maturity, which measures how far along they are in the planning process leading to production. The primary classifications are reserves, contingent resources and undiscovered resources. Read more about the resource classification system.
The Norwegian Petroleum Directorate's (NPD's) resource accounts as per 31 Dec. 2022 show that the overall resource volume (including what has been sold and delivered) on the Norwegian shelf is about 15.8 Sm³ billion (GSm³) of oil equivalents (o.e.). This is a reduction of 97 million Sm³ (MSm³) of o.e. compared with the previous year. The proven resources have decreased by 72 MSm³ of o.e. compared with 2021. This reduction larger for oil than for gas.
Total recoverable petroleum resources on the Norwegian continental shelf as of 31.12.2022
Oil and condensate are listed in million standard cubic metres (Sm³). NGL is listed in million tonnes, and gas is listed in billion standard cubic metres. The conversion factor for NGL in tonnes to Sm³ is 1.9. Total oil equivalents are listed in million Sm³ o.e., 1000 Sm³ gas = 1 Sm³ o.e.
Source: Norwegian Petroleum Directorate
Print table Download data Total recoverable petroleum resources on the Norwegian continental shelf as of 31.12.2022
Slightly more than half of the expected recoverable resources on the shelf have been produced, and 24 per cent of the overall resources have yet to be proven. Download all tables associated with the Resource accounts for the Norwegian shelf as per 31 Dec. 2021 and the report for this year's resource accounts from the Norwegian Petroleum Directorate's website.
Petroleum resources and uncertainty in the estimates as per 31 Dec. 2022
The figure in each column shows the expected recoverable petroleum, while the slanted line shows the uncertainty in the estimates; low estimate on the left and high estimate on the right (Source: Norwegian Petroleum Directorate)
In the NPD’s resource classification system, oil and gas resources transition into reserves once the operator has submitted a plan for development and operation (PDO) or decided to implement a measure optimising recovery that does not require a PDO. Discoveries are classified as fields once an approved plan for development is available. There are currently more than 100 fields in production, under development, or with plans for redevelopment. The fields with the largest remaining oil reserves as per 31 Dec. 2022 are Johan Sverdrup, Johan Castberg and Snorre. The remaining gas reserves are largest in Troll, Snøhvit and Ormen Lange.
The overall remaining reserves amount to 1051 MSm³ of oil and 1469 GSm³ of gas. This year's resource accounts show good growth in gross reserves, that means reserves before the total production is subtracted. The growth in gross oil reserves is 103 MSm3 and in gross gas reserves 144 GSm3. Total production in 2022 was 231 MSm3 o.e.
Twelve new discoveries were made in 2022. Four of the discoveries were made in the North Sea, five in the Norwegian Sea and three in the Barents Sea. At the end of 2022, the discovery portfolio consisted of 79 discoveries. In 2022, plans for development and operation (PDO) were submitted for 20 per cent of the discoveries that were included in the 2021 portfolio. Of the 79 discoveries in the discovery portfolio, the largest are 7324/8-1 (Wisting) in the Barents Sea, 6406/9-1 Linnorm in the Norwegian Sea and 35/2-1 (Peon) in the North Sea.
Contingent resources are proven oil and gas for which a production decision has not yet been made. Petroleum volumes in potential improved recovery projects are included in this category. The growth in the contingent resources category comes from both new discoveries and from changed resource estimates and new opportunities in fields and discoveries. Decisions are made every year to develop some of the contingent resources. They are then transitioned over to the reserves category.
At year-end, the contingent oil resources in fields were 311 MSm³, which is an increase of 66 MSm³ from the previous year. Contingent gas resources amounted to 260 GSm³, and this is a reduction of 57 GSm³ compared with the previous year. This reduction is mainly caused by maturing resources into reserves, but it is also due to revised estimates for single projects.
Contingent resources in discoveries amount to 227 MSm³ of oil and 230 GSm³ of gas. The total volume in undeveloped discoveries has been reduced by 196 MSm3 of o.e. compared with last year's accounts. This reduction is mainly caused by resources maturing into reserves for several discoveries, but can also be attributed to a reduction in expected recoverable volumes for individual discoveries, such as 7324/8-1 (Wisting), 6507/5-10 S (Slagugle) and 35/12-2 (Grosbeak).
Undiscovered resources are volumes of petroleum that we assume could be recovered from deposits not yet proven through drilling. The estimates of undiscovered resources in opened areas are updated every two years with an assessment of recent years' exploration results, new mapping and new documentation. The estimates were last updated in autumn 2021. In interim years, the estimates are adjusted in relation to the last year's drilling activity.
Undiscovered resources are estimated at 3765 MSm3 of o.e., which is a reduction of 25 MSm3 of o.e. compared with the previous year. Unproven resources make up about 24 per cent of the overall remaining resources on the Norwegian continental shelf. For more detailed estimates and distribution of undiscovered resources in each sea area, see the article Resources per sea area.
