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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Kounalakis Joins OW Bunker N. America

OW Bunker, a reseller and physical supplier of marine fuels, announced the appointment of Georgia Kounalakis to its physical supply operation in North America.

Offshore

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

Signet Transports Second LLOG Rig to GofM

On September 14, five Signet Maritime ASD/Z-Drive tugboats, the SIGNET ENTERPRISE, SIGNET RELIANCE, SIGNET MAGIC, SIGNET WEATHERLY, and SIGNET VOLUNTEER successfully

Arctic Operations

Steel Cut for Yamal LNG Project’s Lead Tanker

A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project.

EDGE Facility to Develop, Deliver Security Capabilities

Center in Nova Scotia will focus on rapidly delivering new technologies and capabilities to the Royal Canadian Navy as they transition to future fleet.    General

Catcher Update by Cairn

Cairn is pleased to announce that it has entered into a farm out agreement for the sale of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea.

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1747 sec (6 req/sec)