The Norwegian Petroleum Directorate (NPD) today admitted to an error in an assessment of the Barents Sea’s ability to generate oil revenues.
NPD insisted that the decision to open the south-east of the Barents Sea for hydrocarbon exploration was based on “correct figures”.
But NPD said the gross figure − representing the sales value of potential resources –was incorrect and apologised for the mistake.
The directorate was responding to after researchers found that the figure had been overestimated by billions of dollars due to data-entry error.
NPD said: “This has no impact on the other calculations in the report. The gross figure is not used in these calculations, as net figures (correct gross figure minus costs) are used here.
“The error is presented in the text of the Impact Assessment, but not in the White Paper (Report No. 36 to the Storting (2012-2013) – new opportunities for Northern Norway – opening the southeastern Barents Sea for petroleum activities).
“Shedding light on the societal effects of the petroleum activities at the regional and local level is an important part of an impact assessment.
“In connection with the impact assessment, the NPD was tasked with providing gross and net figures for two scenarios for the development in the southeastern Barents Sea.
“These are not discounted, thus providing the right basis for the other calculations, such as the studies of national and regional value creation and employment effects, which were carried out by Statistics Norway and Pøyri, respectively.”
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- Opinion: Apart from oil sector tax break, Budget was an anti-climax
- Opinion: Out with the old and in with the reconditioned
- Opinion: All the hard work starting to pay off for Aberdeen and north-east
- Opinion: EY’s Derek Leith on what to expect from the Budget
- Opinion: Carbon capture and storage – put the kettle on