Offshore staff
EDINBURGH, UK – Last year was exceptional for the Norwegian upstream sector, according to Wood Mackenzie’s latest review.
According to Norway Analyst Malcolm Dickson, the reserves estimate for Lundin/Statoil’s Avaldsnes/Aldous discovery in the North Sea of 1.7-3.3 Bbboe mean the field “could be the third largest Norwegian find of all time. It is a unique giant discovery in global terms, as it is in a mature area, which should allow development to proceed quickly.”
Norway’s offshore development spending increased in 2011, keeping the country in the top five globally for capital expenditure. Much was spent on large mature developments like Ekofisk and Troll in the North Sea, but new field development spending centered on Skarv in the Norwegian Sea and Goliat in the Barents Sea, due onstream in 2012 and 2013, respectively.
Only three Norwegian fields came on line last year, as some start-ups were delayed, while approvals were issued for eight new development projects. Wood Mackenzie foresees an increase in approvals and developments brought onstream this year.
Finally, the volume of Norwegian acreage awarded last year for exploration was the highest since 1965, the review notes. Almost all companies active in the sector increased their acreage through licensing activity.
This year the analysts expect progress in the opening up of the East Barents Sea area for exploration, with opening of much sought-after areas around the Lofoten Islands happening toward the end of the decade.
01/12/2012
