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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Rescues Unconscious Boater

The Coast Guard rescued an individual from a marsh flat in Barataria Waterway located approximately six miles north of Grand Isle, Tuesday. Coast Guard Sector

SHIPPINGInsight to Focus on Ship Telematics

The subject of ship telematics will be prominently featured at the upcoming SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition, which takes place in Stamford, Conn.

Euronav Acquires $ 750 mi Facility

The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB

Offshore

Latest ShipConstructor Update Targets Offshore

With the release of ShipConstructor 2016 R1.1, SSI said it provides additional enhancement for the offshore rig construction market, particularly with regards to weld management.

MODEC FPSO Achieves First off Brazil

MODEC, Inc. announced today that its FPSO Cidade de Itaguai MV26, operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil,

AFBO to Provide Security in Arctic Waters

State of the Arctic Council to establish a new mechanism to strengthen operational cooperation and coordination of activities at sea. This is dictated by the

Arctic Operations

Huntington Ingalls Cites Interest in Building US Icebreakers

Huntington Ingalls Industries Inc, which builds aircraft carriers and U.S. Navy warships, on Tuesday said it was keen to bid to build new icebreakers for the U.

Obama Pushes for US Icebreakers

President Barack Obama on Tuesday proposed a faster timetable for buying a new heavy icebreaker for the U.S. Arctic, where quickly melting sea ice has spurred more

AFBO to Provide Security in Arctic Waters

State of the Arctic Council to establish a new mechanism to strengthen operational cooperation and coordination of activities at sea. This is dictated by the

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.5353 sec (2 req/sec)