Exploration success and high oil prices have set high expectations for Norway’s oil and gas industry, the country’s petroleum agency said today.
The Norwegian Petroleum Directorate said it forecast high activity over the next five years, with production remaining around the same level as in 2012.
It said there had been 13 new oil and gas discoveries made on the shelf in 2012 from 41 exploration wells – five in the North Sea, five in the Norwegian Sea and three in the Barents Sea.
The largest oil discovery was Havis in the Barents Sea, and the plan is to develop this together with Skrugard which was discovered in 2011.
“A high oil price, high level of exploration success and high activity level also set high expectations for the industry, said director general Bente Nyland.
“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.”
The resources in the new discoveries are estimated at 132 million standard cubic metres of oil equivalent, which corresponds to 58% of total oil production in 2012.
The NPD said 16 field developments were currently underway on the Norwegian shelf.
Oil firms had also indicated they planned to submit another about 20 plans for development in the coming two years.
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