Lofoten has less oil than expected

Lofoten

Lofoten

The sea areas off Lofoten and Vesterålen contains less oil and gas than the industry has believed. NPD’s new estimate is 1.3 billion barrels.

It is far less than what the Norwegian Oil Industry Association (OLF) think hiding under the seabed off Lofoten and Vesterålen, namely 3.4 billion barrels.

Compared with the largest fields on the Norwegian continental shelf can also be 1.3 billion barrels to see small print. So far, there are namely raised 4 billion barrels from the Statfjord field. Ekofisk area since its inception in 1971 produced about 5 billion barrels of oil equivalent.

New estimates

It was the Director General Bente Nyland and NPD’s exploration manager Sissel Eriksen, who on Friday morning presented the NPD’s latest estimates of petroleum resources in the waters off Lofoten, Vesterålen and Senja.

“Uncertainty about what’s in the area is smaller now. New knowledge has made us safer, but we also expect to find less than before,” says Nyland.

“Updated calculations show that the Lofoten and Vesterålen may be teaming with oil and gas equivalent to Cormorant three fields,” says Gro Brækken the OLF.

1.3 billion barrels

The latest estimates that the oceans contain 1.3 billion barrels of oil equivalent, was submitted to the Oil and Energy Minister Terje Riis-Johansen.

“What I see is that the NPD says there are opportunities for significant discoveries of resources in this area. This estimate represents the conversion five to six Goliat discovery. So we will in the further process considering how we should relate to this,” said the Minister.

NPD estimates that 2 / 3 of oil, the rest gas. Profitability, according to NPD’s four discovery scenarios range from a deficit of 10 billion to 1400 billion in surplus.

NPD estimates that resources are so distributed:

* Nordland VI has 23 prospects and contains 43 percent of the resources.

* Nordland VII has 19 prospects and contains 21 percent of the resources.

* Troms II has 8 prospects and contains 20 percent of the resource.

The probability of oil is highest in the southern areas, Nordland VI and VII. In Troms II is the greatest likelihood of gas, according to NPD. This means that the NPD believes there is the most oil in the areas that are most vulnerable.

The delivery of the environmental report on Thursday underlined the fact the leader of the work Fossli Bjorn Johansen, the southwestern areas are the most vulnerable.

“Nordland V and VI have the greatest potential for environmental consequences of an accident with major damage to seabird populations,” said Johansen.

In the report that was submitted to Environment Minister Erik Solheim is the worst possible scenario a shipwreck outside Røst. Rost is located in the Nordland VI, the area where petroleum resources are the greatest, according to the report from the NPD.

Uncertainty

“As a geologist I know that the survey provides much valuable information, but does not answer all. Wells must be drilled to confirm that the theoretical model work in practice. But it is our opinion that the information we present is good enough as a basis for decision making,” said Nyland.

The NPD has in the past three summers collecting seismic data in the sea areas off Lofoten and Vesterålen (Nordland VII and Troms II) and information of this collection is now interpreted, and new estimates of how much oil and gas these waters contain was presented to the government Friday.

NPD’s last known estimate of the resources are located about 1.5 billion barrels of oil. Now that is adjusted down the previous estimate to 1.3 billion barrels.

Source: Read More at Aftenbladet

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