NEW REPORT PREDICTS RECORD CAPITAL SPENDING IN NORWAY
New field discoveries mean that despite falling production over the past decade, Norway is set to maintain its strong status in the oil and gas industry, according to a recent report.
The new Energy Research Report from Business Monitor International (BMI) revealed the Norwegian industry expects to see record levels of capital spending, with an approximate £21.6 billion heading for the upstream oil and gas sector. The report from BMI also anticipates 2013 oil output to average 1.82mnb/d, and states that declines will be less than in previous years due to the growing implementation of improved oil recovery programmes.
In addition, the report highlights growing efforts to maximise production from current fields as well as marginal field tie-backs, which the industry hopes will stabilise production for the foreseeable future, adding that Norway is expected to retain its role as a key European gas supplier.
Eric Doyle, Regional Director for Aquaterra Energy in Europe, said: “Norway is Western Europe’s biggest oil and gas producer and, despite declining production, opportunities in the continental shelf remain strong; with a potential of 2,980 million scmoe remaining undiscovered in the region.
“Aquaterra Energy has extensive experience in marginal field development, and takes a number of parameters into account when considering tie-backs for these fields. Our main concern when assisting in the planning stages of well tie-back operations is maximising efficiency both in terms of operation and cost, whilst maintaining strong attention to detail to minimise risk and reduce overall rig time.”
Aquaterra Energy recently invested in new offices in Stavanger and is committed to supporting its clients in this region with our innovative analysis and engineering solutions.