The Norwegian Continental Shelf (NCS) is a very attractive region to operate in, with considerable exploration potential left, a stable operational environment and a tax regime especially lucrative for exploration opportunities. During the last five years, nearly 6 billion barrels of oil equivalents have been discovered in Norwegian waters and in 2013 The Norwegian Petroleum Directorate increased its estimate of undiscovered resources on The Norwegian Continental Shelf with 15 percent to an estimated total of 17 billion boe. See all licenses below.