Norwegian gas achieved record sales in 2012, while oil production declined more than expected. However, new profitable discoveries and a record number of developments in recent years form a basis for long-term value creation.

The Norwegian Petroleum Directorate’s (NPD’s) forecasts predict high activity in the next five-year period, and total production is expected to remain around the same level as in 2012. Thirteen new discoveries were made last year, five in the North Sea, five in the Norwegian Sea and three in the Barents Sea. Forty-one exploration wells were completed. The largest oil discovery is 7220/7-1 «Havis» in the Barents Sea, and the plan is to develop this together with 7220/8-1 «Skrugard», which was discovered in 2011. Both discoveries provided major contributions to the considerable interest in the Barents Sea, as made apparent in the applications for the 22nd licensing round, announced in 2012.

“A high oil price, high level of exploration success and high activity level also set high expectations for the industry. These expectations are laid down in the Petroleum White Paper and deal with just that; making discoveries, developing the discoveries and, not least, improving recovery from producing fields,” says Director General Bente Nyland.

Tags: Norwegian Petroleum Directorate