London-The Norwegian Petroleum Director- ate has increased its estimates for undis- covered recoverable oil and gas resources offshore Norway by 16% to 18.74 billion bar- rels of oil equivalent, up from its last estimate made in 2011 of 16.17 billion boe. The NPD, releasing its updated biennial resources report, said the main reason for the rise was the inclusion of undiscovered resourc- es in the southeast part of the Barents Sea and areas around the volcanic island of Jan Mayen, which were only recently mapped.
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