A large portion of Norway’s offshore gas discoveries run the risk of being unexploited because of difficulties ranging from expensive production to complex reservoirs.
The Norwegian Petroleum Directorate announced that as of the end of the previous year, there had been 84 finds of gas off the coast, with estimated reserves reaching 1.2 billion square meters.
But while there’s significant value potential for many of those, it’s highly uncertain how much can actually be produced, it said.
And though output is expected to remain high for the next five years, it will then drop at a “fairly rapid rate,” the directorate said.
“There are considerable gas resources in discoveries and fields in operation,” Kjersti Dahle, the NPD’s director for technology, analyses and coexistence, said in a statement.
“It makes sense to think that higher gas prices can drive necessary technology development, coordination and new infrastructure in order to realise this gas, as long as there is the will and ability to do this.”