"The Resource Accounts show high production of both liquids and gas, and that resource growth is replacing 60 per cent of production," says Nadine Mader-Kayser, Assistant Director for Analyses at the Norwegian Offshore Directorate.

While there was a reduction in contingent resources in fields, there was an increase in contingent resources in discoveries.

In other words, despite a minor reduction in undiscovered resources, there is an overall increase in total petroleum resources.

The Resource Accounts show the estimated total resource volumes, including the volume already sold and delivered:

• 9,037 million Sm³ of liquids*
• 6,685 billion Sm³ of gas
• A total of 15,722 million Sm³ of o.e.

(* oil, gas, condensate and liquids are stated in standard cubic metres (Sm³) of oil equivalent (o.e.). Natural Gas Liquids (NGL) is stated in tonnes. Natural Gas Liquids (NGL) are reported in tonnes in the accounts. A conversion factor of 1.9 is used to convert NGL from tonnes to Sm³.”

Liquids are the sum of oil, NGL and condensate volumes.)

This is an increase of 111 million Sm³ of o.e. compared with the previous year.

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About 57 per cent of the total resources on the NCS have been sold and delivered, and 14 per cent are reserves that have yet to be produced. About 7 per cent are contingent resources in fields and discoveries, and 22 per cent of the total resources have not yet been discovered.

Resource categories in brief

• 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 phase leading to production.
• The primary classifications are reserves, contingent resources and undiscovered resources.
• Reserves are recoverable petroleum volumes not yet produced, but which have been approved for production.
• Contingent resources are resources in projects awaiting a development decision.
• Reserves and contingent resources amount to total discovered recoverable resources.

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