Norway: High Level of Activity to Continue as Growth to Slow After 2015
Norway had a positive 2013, registering an unprecedented number of wildcat wells and the second highest number of exploration wells, according to the Norwegian Petroleum Directorate.
‘A record number of fields are in operation on the Norwegian shelf. Discoveries in 2013 offset roughly half of what was produced in the same year,’ reads a note released on Wednesday.
Also on Wednesday, Germany’s Wintershall announced the successful drilling of the Skarfjell South appraisal well on the Norwegian Continental Shelf. The company proved oil and gas with reservoir properties that exceed expectations.
“This is likely the last well in the Skarfjell appraisal campaign. We are now in a position to begin evaluating a possible development. As a fully integrated crude oil and natural gas producer in Norway, Wintershall will apply the expertise gained in current development projects such as Maria, to the development of Skarfjell,” Bernd Schrimpf, Managing Director of Wintershall Norge, said in a note released on Wednesday.
NORWEGIAN PETROLEUM DIRECTORATE: SLOW DOWN OF GROWTH AFTER 2015
The new discoveries increased by 53% with respect to 2012, with North Sea registering the best results. Eight discoveries were made in the Norwegian Sea and five in the Barents Sea.
“The discoveries in recent years have created renewed interest in the Barents Sea, which could come to play an important role in maintaining long-term petroleum production,” director general Bente Nyland commented in the note.
The Directorate revealed that four new fields came on stream in 2013, and 13 fields are currently being developed on the shelf. Oil companies are also expected to submit other 13 plans for development and operation (PDOs) over the next two years.
As revealed in December, investments will continue also in the following years, but at a reduced pace.
‘The high level of activity in the petroleum sector is expected to continue, but growth will stop. Investments for 2014 are expected to reach NOK 176 billion, 3 billion more than the preliminary figure for 2013. Investments are then expected to increase to around NOK 180 billion in 2015, and then remain stable around NOK 170 billion up to 2018,’ reads the note.