The Norwegian Petroleum Directorate (NPD) has issued a rallying cry for more exploration to recover resources.
The industry body said continued high exploration activity would be needed to maintain the country’s energy resource over the next decade.
It produced a resource report in which it estimated nearly three billion standard cubic metres of oil and gas on the shelf have yet to be discovered.
According to the report, nearly half of the undiscovered resources are in the Barents Sea, while the rest are equally distributed between the North Sea and Norwegian Sea.
The NPD said there was a minor decline in undiscovered resources in the North Sea and Norwegian sea, which was offset by an increase in the Barents Sea.
A spokesman said: “The North Sea has seen the greatest positive contributions in both exploration activity and resource growth, with Johan Sverdrup being the largest contributor to this value creation.
“The exploration activity in the Norwegian Sea and the Barents Sea generates considerable values for society. The total net cash flow from discoveries during the period has been estimated at nearly NOK 2000 billion after exploration costs are deducted.
“The value is greatest in the North Sea, with a net cash flow of about NOK 1400 billion. The corresponding figure for the Norwegian Sea and the Barents Sea totals NOK 500 billion.
“The fact that discoveries are still being made after 50 years of exploration activity shows that the Norwegian shelf is an attractive petroleum province. Activity has been high over the last ten years, with an average of about 40 exploration wells per year.
“A total of 56 exploration wells were spudded in 2015, while we expect that about 30 wells will be drilled in 2016.”
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