Resources per sea area

The three areas North Sea, Norwegian Sea and Barents Sea are different with regard to geology, resource base, maturity and scope of infrastructure, distance and knowledge. Large parts of the expected remaining resources in the Barents Sea have yet to be proven.
The three areas North Sea, Norwegian Sea and Barents Sea are different with regard to geology, resource base, maturity and scope of infrastructure, distance and knowledge. Large parts of the expected remaining resources in the Barents Sea have yet to be proven.
Remaining Resources Undiscovered Resources North Sea Norwegian Sea Barents Sea

Remaining Resources

The North Sea holds about 42 per cent of the remaining resources. The distribution of the rest of the resources shows that there is 20 per cent left in the Norwegian Sea and 38 per cent in the Barents Sea.

There has been petroleum activity in the North Sea since 1965. The Norwegian Sea and the Barents Sea (areas north of the 62nd parallel) were opened for petroleum activities in 1980. The remaining resources and distribution between discovered and undiscovered resources in opened and unopened areas, respectively, therefore differ between the three ocean areas.

Remaining petroleum resources by sea area as per 31 Dec. 2023

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Distribution of remaining liquids resources (green) and gas resources (red) by sea area and resource class (Source: Norwegian Offshore Directorate)

Distribution of remaining liquid and gas resources per sea area and resource class
Source: Norwegian Offshore Directorate

In the North Sea, most of the oil and gas is classified as reserves, which means that they have approved plans for production. In the Barents Sea, most of the oil and gas resources have the status of undiscovered resources. Vast areas in the Barents Sea have not been opened for petroleum activity as yet, and this is where we find the greatest expected value for undiscovered resources.

Undiscovered Resources

Undiscovered resources are volumes of petroleum that we assume could be recovered from deposits that have yet to be proven through drilling. The estimates for undiscovered resources in areas opened for petroleum activities are updated on an annual basis. The update is based on assessments taking into consideration the previous year's exploration results, new studies, as well as relevant information from the companies.

In areas that have not been opened for petroleum activities, the estimates are only updated if new data has been acquired in the area, providing significant new information.

Undiscovered petroleum resources in the sea areas

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Distribution of undiscovered liquids (green) and gas (red) in the various sea areas, with range of uncertainty (Source: Norwegian Offshore Directorate)

Undiscovered resources by area as of 31 December 2023
Source: Norwegian Offshore Directorate

North Sea

The North Sea is the powerhouse of the Norwegian petroleum activities, with 67 producing fields at year-end. Two new fields came on stream in 2023: Tommeliten A and Breidablikk. Five fields were shut down: Flyndre and Heimdal including its tied-in fields Atla, Skirne and Vale. Twelve new discoveries were made in 2023.

The resource accounts for the North Sea show that 185 million Sm3 (MSm3) of oil equivalents (o.e.) were sold and delivered from this part of the Norwegian continental shelf over the past year. At year-end, the reserves amounted to 170 MSm3 of o.e.

The estimate for undiscovered resources in the North Sea is 610 million Sm3 of recoverable o.e. This is distributed between 395 MSm3 of oil and 215 GSm3 of gas.

Even if one cannot rule out that larger discoveries could be made in the North Sea, we expect that the majority of discoveries will be relatively small. The average discovery size in the North Sea over the last five years is 3.5 MSm3 of recoverable o.e.

Total recoverable petroleum resources in the North Sea as of 31.12.2023

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 loisted in million Sm³ o.e., 1000 Sm³ gas = 1 Sm³ o.e.

Source: Norwegian Offshore Directorate

Print table Download data Total recoverable petroleum resources in the North Sea as of 31.12.2023

Total recoverable petroleum resources in the North Sea as of 31.12.2023 – 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 loisted in million Sm³ o.e., 1000 Sm³ gas = 1 Sm³ o.e.
Oseberg A
Oseberg A platform in the North Sea. Photo: Harald Pettersen, Equinor

Norwegian Sea

There are 23 producing fields in the Norwegian Sea. Two new fields started production, Bauge and Fenja, and two new discoveries were made in the Norwegian Sea in 2023. The largest discovery in the Norwegian Sea was proven in 2005, 6406/9-1 Linnorm.

The resource accounts for the Norwegian Sea show that 48 MSm3 of o.e. were sold and delivered from this part of the Norwegian shelf over the past year. At year-end, the reserves amounted to 466 MSm3 of o.e. The estimate for undiscovered resources in the Norwegian Sea is 725 MSm3 of recoverable o.e. This is distributed between 350 MSm3 of oil and 375 GSm3 of gas.

The average discovery size in the Norwegian Sea has increased over the past five years and is now about 4.5 MSm3 of recoverable o.e. The resource estimates for the Norwegian Sea also include the unchanged resource volumes in Lofoten-Vesterålen and in the area around Jan Mayen. These make up approximately 33 per cent of the total estimates.

Total recoverable petroleum resources in the Norwegian Sea as of 31.12.2023

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 Offshore Directorate

Print table Download data Total recoverable petroleum resources in the Norwegian Sea as of 31.12.2023

Total recoverable petroleum resources in the Norwegian Sea as of 31.12.2023 – 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.
Skandi Mongstad, supply vessel at Norne
Norne FPSO in the Norwegian Sea. Photo: Harald Pettersen, Equinor

Barents Sea

There are two producing fields in the Barents Sea. One new discovery was made in this sea area in 2023. The largest discovery in the Barents Sea was proven in 2013, 7324/8-1 (Wisting).

The resource accounts for the Barents Sea show that 9 MSm3 of o.e. were sold and delivered from this part of the Norwegian shelf over the past year. At year-end, the reserves amounted to 260 MSm3 of o.e. The estimate for undiscovered resources in the Barents Sea is 2145 MSm3 of recoverable o.e. This is distributed between 1100 MSm3 of oil and 1045 GSm3 of gas. Exploration in the Barents Sea over the past five years has given mixed results. Exploration close to infrastructure has given good results, while wells in new areas were less successful. The average discovery size in this period is about 4.3 MSm3 o.e.

In the Barents Sea, 54 per cent of the resources are located in areas that have not been opened for petroleum activities, primarily in the Barents Sea North. This is the area with the greatest likelihood of making major discoveries on the Norwegian shelf. There are considerable uncertainties associated with the estimates in these areas.

Total recoverable petroleum resources in the Barents Sea as of 31.12.2023

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 Offshore Directorate

Print table Download data Total recoverable petroleum resources in the Barents Sea as of 31.12.2023

Total recoverable petroleum resources in the Barents Sea as of 31.12.2023 – 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.
Updated: 20.02.2024