10 billion barrels: Norway's undeveloped resources

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Report summary

Across Norway there are 10 billion barrels of discovered oil equivalent (boe) yet to be developed. These resources are at different stages of evaluation but Wood Mackenzie estimates over 60% could be commercialised. The potential added value for companies is US$22 billion, and for the Norwegian Government it could be worth US$84 billion from taxes alone.

What's included

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  • Document

    10 billion barrels: Norway's undeveloped resources

    PDF 757.25 KB

Table of contents

  • Executive Summary
    • Ultimate potential
      • Financial return
      • Capital requirements
      • Exploration
      • Development complexity
      • Gas Price
    • Outlook
    • Wood Mackenzie technical reserves definitions and valuation methodology
    • Indicative valuations
    • Categorisation of undeveloped discoveries
    • Cash Flow
    • Discount rate and date
    • Inflation rate
    • Oil price
    • Gas price
    • Carbon price
    • Exchange rate
    • Fiscal terms

Tables and charts

This report includes 5 images and tables including:


  • Undeveloped resources by sector
  • Production by development status
  • Future production by company type
  • Norway capital requirement by discovery status
  • Statoil capital requirement by discovery status

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