Norwegian government initiatives to increase exploration and revenue to its treasury have been a success, according to a report published yesterday.
Energy analyst Wood Mackenzie said initiatives including the mature licensing rounds and a 78% rebate on exploration costs had helped to increase exploration off Norway and increase its wealth.
The firm’s research found that mature rounds had accounted for 51% of total commercial reserves, or 3.2billion barrels of oil equivalent (boe), since being introduced in 1999.