Norwegian Petroleum Directorate, Stavanger, estimated recoverable resources on the Norwegian continental shelf at 15.86 billion standard cu m of oil equivalent, comprised of 8.31 billion cu m of oil and 6.61 billion cu m oil equivalents of gas.
Proven resources at yearend 2021 increased by 142 million cu m of oil equivalent compared with the previous year's accounts. About two-thirds, or 65%, of the increase is for gas.
The reserve growth, in other words, how much of the resources have a positive development decision, was also good—particularly for gas. The increase was 165 million cu m oil equivalents compared with the 2020 accounts.
The most important reason for the increase is that more development plans (PDOs) were submitted in 2021. Reserves in fields also increased, in part due to expectations for extended operating periods on several fields.
The total estimate for undiscovered oil and gas resources is practically unchanged, but new information has resulted in changes as regards the distribution of the undiscovered resources. Liquid resources in the Norwegian Sea have increased, while both gas and liquid resources in the Barents Sea South are reduced.
The fields with the greatest remaining oil reserves as of Dec. 31, 2021 are Johan Sverdrup (346 million cu m), Johan Castberg (90 million cu m), and Snorre (74 million cu m). The remaining gas reserves are greatest in Troll (685 bcm), Snøhvit (148 bcm), and Ormen Lange (105 bcm).
Twenty discoveries were made in 2021, 18 in exploration wells and two in development wells with exploration targets. Thirteen of the discoveries were made in the North Sea, four in the Norwegian Sea, and three in the Barents Sea.