Norway’s oil and gas resources on the continental shelf rose by 36 million scmoe to 15.61 billion scmoe by year-end 2024, before production, according to the upstream regulator.The total includes 8.73 billion scmoe produced, 2.26 billion scmoe in reserves, 651 million scmoe in field resources, 472 million scmoe in discoveries, and 3.5 billion scmoe in undiscovered resources.
Compared to 2023, produced volumes increased by 239 million scmoe, reserves fell by 205 million scmoe, contingent resources dropped by 17 million scmoe, and undiscovered resources rose by 20 million scmoe.Norway’s increase in undiscovered resources came from opened areas, with no change in unopened regions. The North Sea saw a decline, while the Barents and Norwegian Seas saw increases.
The Directorate highlighted the Barents Sea as having the highest potential for undiscovered resources. In 2024, liquid volumes declined while natural gas volumes rose, resulting in a slight overall increase—reversing a downward trend since 2018.Discovered liquids have remained unchanged since 2022, while natural gas resources continue to grow.
As of 2024:North Sea: 370 million scmoe undiscovered liquids, 205 million scmoe gas (both from opened areas).
Norwegian Sea: 170 million scmoe liquids, 70 million scmoe gas (both from unopened areas).
Barents Sea: 675 million scmoe liquids, 490 million scmoe gas (both from unopened areas).
As of December 2024:Barents Sea (Unopened Areas): 675 million scmoe undiscovered liquids, 490 million scmoe gas.
Norwegian Waters Reserves: 858 million scm oil, 1.26 trillion scm gas.Contingent Resources: Oil – 325 million scm (fields), 221 million scm (discoveries). Gas – 294 billion scm (fields), 230 billion scm (discoveries).
The Directorate noted higher uncertainty in undiscovered and contingent resources due to geological, technological, and economic factors, with estimates becoming more reliable as resources mature.In the North Sea, 59% of remaining resources are reserves, evenly split between liquids and gas.
In the Norwegian Sea, reserves make up 31%, with natural gas dominant, while 56% remains undiscovered.In the Barents Sea, 82% of remaining resources in both opened and unopened areas are yet to be discovered.
