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2016-08-30 18:45:00

NORWAY'S EFFICIENT DRILLING

NORWAY'S EFFICIENT DRILLING

NPD wrote, the price tag for developing a field on the Norwegian shelf has declined by an average of more than 40 per cent since the autumn of 2014, according to the NPD's analysis of eight planned developments that are approaching start-up.

The decline is a result of a combination of simpler development concepts and more efficient drilling. Lower prices for work and equipment are also a contributing factor.

The investment estimates for the Utgard, Oda, Zidane, Trestakk, Snilehorn, Johan Castberg, Snorre Expansion and Johan Sverdrup Phase 2 projects have fallen from about NOK 270 to 150 billion, according to the operating companies' own calculations. The downward adjustments have been made in connection with various decision phases in project implementation.

"This is a significant and very welcome reduction", says the NPD's Director of development and operations, Ingrid Sølvberg.

"The oil companies and the supplier industry have made a tremendous effort in streamlining the activities, and now we can see that these measures are working."

The biggest savings on these eight projects are a result of altered development solutions. The second largest reduction is within drilling and wells, which on average accounts for around 30 per cent of the overall field development costs. This is due to the decline in rental rates for drilling rigs, and also that the companies are planning wells that can be drilled faster. The actual drilling operation has also become more efficient, so that the price per metre of well will be much lower than before.

Investments in pipelines and cables are also expected to decline significantly. This is a result of falling prices for materials, and choosing different routes. Simplified development solutions and less costly materials will yield more reasonably priced modifications and adaptations of facilities where the oil and gas from new developments will be taken in and processed.

Despite the positive development in the cost scenario, Sølvberg cautions against short-term savings at the expense of long-term value creation on the shelf. She also warns against cutting staff in important technical environments, as it could impair the capacity for innovation and the ability to find smart solutions.

The NPD has noted tendencies where companies prioritise minimum investment in the development phase, but that could limit subsequent upgrades of the facilities, or make them more expensive.

"We must not put ourselves in a situation where cost cuts reduce the future flexibility on the fields, or have a detrimental impact on our ability and willingness to use technology that can provide better and more efficient resource management," says the development director.

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Earlier: 

NORWAY IS BETTER 

SEADRILL NET INCOME $334 MLN 

THE LARGEST NORWEGIAN OIL 

STATOIL CUTS $1 BLN 

STATOIL NET LOSS $302 MLN 

IMF WANT NORWAY

 

 

 

 

Tags: NORWAY, DRILLING, PRICES, INVESTMENT

Chronicle:

NORWAY'S EFFICIENT DRILLING
2018, July, 23, 13:25:00

GLOBAL ENERGY INVESTMENT DOWN 2%

IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.

NORWAY'S EFFICIENT DRILLING
2018, July, 23, 13:25:00

U.S. OIL PRODUCTION + 143 TBD, GAS PRODUCTION + 1,066 MCFD

EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .

NORWAY'S EFFICIENT DRILLING
2018, July, 23, 13:20:00

U.S. INDUSTRIAL PRODUCTION UP 0.6%

U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.

NORWAY'S EFFICIENT DRILLING
2018, July, 23, 13:15:00

U.S. INVESTMENT $69.9 BLN

U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.

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