Arctic Oil Exploration to Reverse Decline in Norwegian Production

Press Release
Friday, September 21, 2012

An Offshore Northern Seas (ONS) poll reveals industry professionals see Arctic exploration as viable solution for Norway.

The Industry Snapshot Poll was conducted at ONS by global independent technical advisor, GL Noble Denton. Senior professionals from across the industry also took part in the survey online.

74% of participants said that the development of sizeable reserves in Arctic waters offshore Norway could reverse the country’s diminishing North Sea production rates by 2030. By contrast, only 26% of participants felt Norway would not be able to abate the decline through Arctic exploration.

Lutz Wittenberg, GL Noble Denton’s Executive Vice President for Europe, said: “The remote Arctic region is becoming more attractive to the industry as a whole. This could provide Norway with an opportunity to increase its production at a time when oil output continues to fall sharply but demand for energy is rising.

“The result of the poll suggests there is clear industry support for Arctic exploration in Norwegian waters, and confidence in the country’s ability to develop the infrastructure needed to produce oil in such a challenging environment.

“Current estimates suggest the Barents Sea region could produce somewhere between 400,000 to 500,000 barrels of oil equivalent per day by 2020, further underlining its importance to the country in reversing the decline in production.”

The poll also revealed strong opposition to the European Commission’s (EC) proposals for a single set of offshore safety regulations applicable to all its member countries. 70% of participants said they supported the UK and Norwegian governments’ opposition to the EC’s plans, while only 30% felt the move would be beneficial.

The issue has been a source of controversy since the EC first announced plans for blanket oil and gas safety regulations in October 2011. Both the Norwegian and the UK governments have disputed claims made in an EC impact assessment of the frequency and cost of oil blowouts.


 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

UASC Shareholding States Vote to Back Hapag-Lloyd Merger

United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG at a meeting on Wednesday.

List: Top Five UK Ship Owners

Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Offshore

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

Another Fugro Vessels Joins Largest SEEP-Hunting Survey

Fugro has deployed multi-purpose offshore survey vessel Fugro Gauss to join the Fugro Brasilis offshore Mexico, to help complete the world’s largest seep-hunting

JIP Validates DNV GL's Helica Software

A joint industry project run by DNV GL has replicated stresses measured in an umbilical subjected to tension and bending in full-scale tests, further validating

Arctic Operations

Advanced MacGregor Technology for Polar Research Ship

MacGregor, part of Cargotec, has won an order to supply MacGregor offshore cranes and a Triplex handling system for a 14,300gt polar research vessel being built

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

Ocean Cleanup Prototype Set for a Test Run

The first ocean cleanup system ever tested at sea will soon be deployed for trials 23 kilometers (12 NM) off the Dutch coast. The goal of the test is to see how

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0957 sec (10 req/sec)