Norway's portfolio of new fields under development and those considered probable developments holds combined reserves of 4.3 billion bbl of liquids and 49 tcf of gas.
That is the conclusion of Wood Mackenzie Consultants Ltd., Edinburgh, which said 166 billion kroner ($25 billion) is expected to be spent in placing those new fields on stream.
The analyst said 14 fields are under development off Norway, of which East Troll, West Sleipner, Loeke Triassic, and Gungne are to go on stream this year.
Wood Mackenzie said capital spending off Norway hit 51 billion kroner ($7.7 billion)/year in 1993-94. Outlays during 1996-98 will stay above 45 billion kroner ($6.8 billion)/year before tailing off sharply.
"In recent years there has been a marked shift in the focus of capital expenditure on the Norwegian shelf," Wood Mackenzie said.
"With the onset of the massive Aasgard development and investments in Norne and Njord fields, capital expenditure off mid-Norway is expected to account for 27% of total outlay during 1996-2000."
The analyst said weighted capital outlay for fields in the probable development category has fallen to 11 kroner ($1.70)/bbl of oil equivalent (BOE) from 17 kroner ($2.40)/BOE for a similar portfolio of prospects in 1994.
"A similar trend is evident for operating costs off Norway," Wood Mackenzie said.
It expects weighted operating expenditure on the Norwegian shelf in 1996 to be about 30 kroner ($4.50)/bbl, compared with 35 kroner ($5)/bbl in 1994.
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