Oil giant Statoil says it is on target to deliver more than 1.4million barrels per day from the Norwegian continental shelf by the end of the decade.
The Norwegian firm operates more than 70% of oil and gas production on the shelf, with upwards of 40 assets in the region.
With the recent discoveries of Gullfaks and anticipation around the giant Johan Sverdrup field, the company said ahead of an investors event at their Stavanger headquarters that it saw the NCS remaining the backbone of their operations for years to come.
“In the North Sea, we are progressing according to plan,” said Øystein Michelsen, executive vice president for Development & Production
“Our recent discoveries here – like the giant Johan Sverdrup discovery, King Lear and the additional resources discovered at Gullfaks – further strengthen our position towards 2020.
“We are pleased with the result of the recent 22nd license round and with the Government proposal to open the Barents Sea South East. It will require a significant effort to develop the opportunities that lie in this immature area. Our exploration programme in the Barents Sea continues.”