Poll: Arctic Will Reverse Norwegian Oil Production Decline

Wednesday, August 29, 2012

A poll conducted at the Offshore Northern Seas (ONS) conference in Stavanger has revealed that industry professionals see Arctic exploration as a viable solution to Norway’s declining oil production rates.
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.
The Industry Snapshot Poll was conducted on the first day of ONS by global independent technical advisor, GL Noble Denton. Senior professionals from across the industry also took part in the poll online.
Norway’s Oil Ministry announced in June that the country plans to dramatically increase activity within its Arctic waters. Its licensing round for frontier areas will include 86 blocks, of which 72 are in the Arctic Barents Sea and just 14 are in the Norwegian Sea. A separate licensing round for mature areas will include 48 blocks or partial blocks, with 33 in the Barents Sea, 12 in the Norwegian Sea and just two in the North Sea. This represents a major shift for the sector as in last year’s round only four licences were issued for the Arctic Barents Sea but 34 in the North Sea.
Tore Lea, GL Noble Denton’s Managing Director for Norway, 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.”
This is the first of three Industry Snapshot Polls being conducted by GL Noble Denton this week. Delegates will also be asked whether Norway has enough skilled professionals to develop the large reserves recently discovered in the North Sea and whether they support the Norwegian and UK governments’ opposition to a single set of European safety regulations.
The results of the polls will be available from: www.gl-nobledenton.com

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

People & Company News

US Aircraft Carrier 'Ike' Leaves Drydock

The aircraft carrier USS Dwight D. Eisenhower (CVN 69) (Ike) has left dry dock and moved from Dry Dock 8 to pier 42/43 at Norfolk Naval Shipyard (NNSY) in Portsmouth, Va.

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

Offshore

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

DNV GL’s Arctic Map Shows Complex Risk Picture

The world’s need for energy is driving interest in further industrial activity in the Arctic, yet the region’s conditions are highly variable depending on the type of activity,

OP/ED: The State of Piracy

Piracy’s gone away, right? You’d be forgiven for thinking that.   The predominant narrative for the Indian Ocean is that Piracy has been suppressed to an extent

Energy

Pine Galaxy Expected to Arrive in San Francisco Today

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

RWE Dea Starts Gas Production in Egypt

RWE Dea achieved first production from the Central Treatment Plant (CTP) of the Disouq Development Project in Egypt. Production commenced at an initial rate

Persistence Pays Off For First Female Dragline Trainee Operator

Marianne Finch may only be a rookie at the controls of Dragline 13 but as Saraji’s first female Dragline Trainee, she has a strong message for her female colleagues

Arctic Operations

Collaboration Tackles Sea Spray Icing Challenges

Sea spray icing is one of the major challenges when operating in Arctic conditions. DNV GL is now launching an industry collaboration which will develop a simulation

DNV GL’s Arctic Map Shows Complex Risk Picture

The world’s need for energy is driving interest in further industrial activity in the Arctic, yet the region’s conditions are highly variable depending on the type of activity,

First Shipment of Russian Novy Port Oil

Gazprom Neft provided a summer shipment of oil from Novoportovskoe deposit – for the first time, the raw material was taken by sea and sent to European consumers,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators
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: 0.1437 sec (7 req/sec)