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

People & Company News

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

Offshore

China Asks U.S. to Support Resumption of Talks with Philippines

China's foreign minister has asked the U.S. secretary of state John Kerry to support the resumption of talks between China and the Philippines over the South China Sea,

VesselValue.com: $28.4B Worth of Ships Delivered to Date

As the calendar now indicates we have passed the half year mark on 2016, VesselValue.com offers insight on the number and value of all the 2016 built vessels that

MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for

Arctic Operations

Canada Embarks on Arctic Survey Mission

Canada has launched its 2016 Arctic expedition to collect important scientific information to support the nation’s submission on the extended continental shelf in the Arctic Ocean.

Eni Cancels Vessel Deal with Viking Supply Ships

Viking Supply Ships A/S (VSS) has received an early termination notice of the contract for the Ice-class 1A AHTS “Njord Viking”. The vessel has been working for

More Chinese Ships to Use Arctic Route

China will send more ships flying its flag to take the Northwest Passage via the Arctic Ocean to cut travel times between the Atlantic and Pacific oceans, says the state news agency Xinhua.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Sonar
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: 0.1360 sec (7 req/sec)