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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
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SAUDI ARAMCO WANTS +50%

ARAB NEWS - Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.

HUGE NORWEGIAN OIL GAS
2018, September, 24, 15:00:00

U.S. RIGS DOWN 2 TO 1,053

BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 1,053, with oil rigs down 1 to 866, gas rigs unchanged at 186, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 29 rigs from last week to 197, with oil rigs down 13 to 135 and gas rigs down 16 to 62.

HUGE NORWEGIAN OIL GAS
2018, September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

REUTERS - International benchmark Brent crude for November delivery LCOc1 was up 26 cents, or 0.33 percent, at $78.96 a barrel by 0647 GMT. U.S. West Texas Intermediate crude for October delivery CLc1 was up 7 cents, or 0.10 percent, at $70.39 a barrel.

HUGE NORWEGIAN OIL GAS
2018, September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

BLOOMBERG - Russia's oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn’t public yet. That equates to 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with the Organization of Petroleum Exporting Countries to cut production.

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