The Norwegian Petroleum Directorate's resource accounts estimate the total recoverable petroleum resources to be 14.1 billion standard cubic meters (Sm3) of oil equivalents (o.e.).

This represents a slight decline from 2013. 6.4 billion Sm3, or 45 per cent of the total resources, have been sold and delivered.

The details of the resource accounts are shown in the enclosed downloadable tables.

The total recoverable petroleum resources have decreased by 21 million Sm3 o.e. (0.15 per cent) since 2013. The reason for the decline is that 12 of the discoveries in the previous accounts have been reassessed, and are now considered to have a low likelihood of development.

Reserves

The part of the remaining, proven, recoverable and saleable volumes for which development decisions have been made or which are already in production, is called reserves.

This year's reserve growth totalled 13 million Sm3 o.e., compared with 102 million Sm3 o.e. in 2013. This growth can primarily be explained by the submission of one Plan for Development and Operation (PDO) in 2014, for the 34/10-53 S Rutil discovery in Gullfaks Sør.

Tags: Norwegian Petroleum Directorate