Basis For Further Value Creation In Norway

15 Jan 2013

New profitable discoveries and a record number of developments in recent years form a basis for long-term value creation on the Norwegian Shelf, says the Norwegian Petroleum Directorate (NPD)'s  Director General Bente Nyland.

Summing up the year 2012 on the Norwegian Shelf, she concludes that the future for the oil nation Norway looks bright.

Norwegian gas achieved record sales in 2012, while oil production declined more than expected. However, new profitable discoveries and a record number of developments in recent years form a basis for long-term value creation.

The Norwegian Petroleum Directorate’s (NPD’s) forecasts predict high activity in the next five-year period, and total production is expected to remain around the same level as in 2012. Thirteen new discoveries were made last year, five in the North Sea, five in the Norwegian Sea and three in the Barents Sea. Forty-one exploration wells were completed.

The largest oil discovery is in the Barents Sea, and the plan is to develop this together with which was discovered in 2011. Both discoveries provided major contributions to the considerable interest in the Barents Sea, as made apparent in the applications for the 22nd licensing round, announced in 2012.

“A high oil price, high level of exploration success and high activity level also set high expectations for the industry. These expectations are laid down in the Petroleum White Paper and deal with just that; making discoveries, developing the discoveries and, not least, improving recovery from producing fields,” says Director General Bente Nyland.

“The increase in the resource estimate and major new discoveries show that the Norwegian shelf still has some surprises left, and that there is good reason for continued optimism on behalf of the oil and gas activities in Norway,” says Bente Nyland.

Source: http://www.norwaypost.no/index.php/news/latest-news/27963--basis-for-further-value-creation-in-norway