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2017-06-20 14:10:00

HUGE NORWEGIAN OIL & GAS

HUGE NORWEGIAN OIL & GAS

NPD - The significant remaining resources in discoveries and fields make it possible to create values for the Norwegian society for many decades to come, according to the Norwegian Petroleum Directorate's new report.

Since 1990, total resources, including the estimate for undiscovered resources, have increased by more than 40 per cent. In fact, more resources than we expected overall in 1990 have been proven, and there is still a lot left to find. In order to extract all the values, the industry must cooperate on utilising the infrastructure that exists and use the available technology.

"We have been producing oil and gas in Norway for nearly 50 years and we are still not halfway done. Vast volumes of oil and gas have been discovered on the Norwegian shelf that are still waiting to be produced. We want companies with the ability and willingness to utilise new knowledge and advanced technology. This will yield profitable production for many decades in the future," says Ingrid Sølvberg, Director of development and operations in the Norwegian Petroleum Directorate.

At the turn of the year, there were 77 discoveries on the Norwegian shelf that are being considered for development. Most are located in the North Sea, and the largest are in the Barents Sea. The resources in these discoveries amount to 700 million Sm3 o.e.

In addition, nearly 850 million Sm3 o.e. can be produced through improved recovery measures, as much as the total production from the Statfjord field since its start-up in 1979. This presumes that the companies will make investment decisions for projects that have already been identified.

The Norwegian Petroleum Directorate has also identified a technical potential for substantial volumes of oil and gas. Through using advanced methods for enhanced oil recovery (EOR), volumes in the scope of 320 – 860 million Sm3 of oil could be recovered.

Furthermore, there are vast volumes of oil and gas in tight reservoirs that could be recovered using new technology.

"The authorities expect that all resources that contribute to values for society will be produced, not just the 'easy barrels'. This requires us to maintain strong expert communities and develop and apply new technology," Sølvberg says.

"The Norwegian shelf has been a laboratory for testing new technology. We now need to become leaders with regard to using the technologies that have been developed. We have a strong offshore technology environment in Norway. Let's make sure this is also maintained in the future."

Sølvberg emphasises that "the Norwegian petroleum industry needs ambitious engineers and visionary leaders that can maintain the Norwegian shelf's strong position within development and use of new and advanced offshore technology through good cooperation between oil companies, suppliers and the authorities."

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Earlier: 

NORWAY'S PRODUCTION DOWN 38 TBD 

NORWAY'S OIL PRODUCTION UP 63 TBD 

NORWAY'S OIL PRODUCTION DOWN 25,000 

NORWAY IS BETTER 

NORWAY'S PRODUCTION DOWN 42 TBD 

NORWAY'S INVESTMENT DOWN 21% 

RUSSIA - NORWAY EXCHANGE

 

 

 

 

Tags: NORWAY, OIL, GAS

Chronicle:

HUGE NORWEGIAN OIL & GAS
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

HUGE NORWEGIAN OIL & GAS
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

HUGE NORWEGIAN OIL & GAS
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

HUGE NORWEGIAN OIL & GAS
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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