February 27, 2018 / 2:45 PM / 19 days ago

Norway lifts estimate for undiscovered petroleum resources by 40 percent

OSLO (Reuters) - Norway holds 40 percent more undiscovered oil and gas resources than previously estimated, the country’s petroleum agency said on Tuesday.

The Norwegian Petroleum Directorate lifted the estimate for unproven resources by 1.13 billion cubic meters (7.1 billion barrels) of oil equivalents to 4 billion cubic meters from end-2016 estimate.

The hike was caused by a reevaluation of the northern part of the Barents Sea, as well as the inclusion of an additional zone not previously counted until now — the northern part of a an area bordering Russia’s offshore.

Unproven resources constitute about 47 per cent of the total resources that remain on the Norwegian shelf, the agency said.

Reporting by Nerijus Adomaitis, editing by Gwladys Fouche

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