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

People & Company News

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Webinar: 3D Laser Scanning in the Marine Industry

Maritime industry professionals have increasingly taken notice of 3D laser scanning in recent years as acceptance for the technology and its applications mounts throughout the sector.

Shuster Receives Champion of Maritime Award

Congressman honored for support of domestic maritime industry.   Rep. Bill Shuster (R-Pa.) this week received the 2014 Champion of Maritime Award from the American Maritime Partnership (AMP),

Offshore

LQT Delivers Accommodation Facility and Helideck in Gulf of Mexico

LQT Industries , a full-service provider of accommodation facilities, design-build construction services, and support services to the oil and gas industry, has

Upcoming Expo 'Offshore Marintec Russia'

ExpoForum Convention and Exhibition Centre in St. Petersburg, October 7-10  will host the International Specialised Offshore Exhibition and Conference 'Offshore

RWE Dea Awarded Two New Concessions in Egypt

In the International Bid Round 2013, RWE Dea has been awarded two new offshore concessions with operatorship by the Egyptian General Petroleum Corporation (EGPC).

Energy

LQT Delivers Accommodation Facility and Helideck in Gulf of Mexico

LQT Industries , a full-service provider of accommodation facilities, design-build construction services, and support services to the oil and gas industry, has

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

Arctic Operations

Upcoming Expo 'Offshore Marintec Russia'

ExpoForum Convention and Exhibition Centre in St. Petersburg, October 7-10  will host the International Specialised Offshore Exhibition and Conference 'Offshore

World’s Largest Iceberg Continues to Break Apart

The United States National Ice Center (NIC) named three new icebergs after a previous iceberg B15T broke into four pieces. B15T remains, while the resultant icebergs are named B15Z, B15AA and B15AB.

Arctic Wreck Found after 169 Years

After more than 169 years, Canadian researchers discovered one of the two ships from the doomed Arctic expedition of Sir John Franklin, cracking one of the largest mysteries in sea exploration.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.2087 sec (5 req/sec)