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Page added on August 29, 2012

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Arctic to Reverse Decline in Norwegian Oil Production

Production

Arctic exploration is set to reverse the decline in Norwegian oil production according to a poll of oil and gas professionals.

The poll – conducted by technical consultants GL Noble Denton at the Offshore Northern Seas conference currently being held at Stavanger, Norway – found that 74 percent of participants believe the development of sizable reserves in Arctic waters offshore Norway could reverse the country’s diminishing North Sea production rates by 2030. Only 26 percent of those questioned believe that Norway would not be able to prevent the decline through Arctic exploration.

In June this year, the Norwegian Oil Ministry announced that Norway plans to significantly increase activity within its Arctic waters. The country’s next licensing round for frontier areas will include 86 blocks, of which 72 are in the Arctic Barents Sea.

Meanwhile, Norwegian oil major Statoil this week announced plans to step up its own activities in the Arctic.

GL Noble Denton Manager Director Tore Lea commented in a statement accompanying the results of the poll:

“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.”

The snapshot poll was conducted on the first day of the ONS conference, which began on Tuesday, August 28.

RigZone



4 Comments on "Arctic to Reverse Decline in Norwegian Oil Production"

  1. BillT on Wed, 29th Aug 2012 1:56 pm 

    Here we go again! Counting the barrels in the bank before the source is tapped and flowing. The Arctic can close up just as fast as it opened. Winters can switch to ice age levels in a heartbeat. In a few years, when all of the billions are spent to develop the area and oil is about to flow, Mother Nature could shut it all down with one heavy winter. I see that happening when the sun starts regressing again for 50 years in the near future.

  2. SOS on Wed, 29th Aug 2012 4:09 pm 

    Anything can happen, even global warming reversing itself, to assure peak oil!

    Nothing can happen to illuminate the truth: we have all the oil we can ever need, what we lack is the political will to develop it and gain the wealth the nations needs so badly.

  3. Max Reid on Wed, 29th Aug 2012 9:30 pm 

    Global warming will reverse if we switch over to Nuclear, Solar, Wind, Water Combo.

    So far only the global warming accelerated the snow melt.
    Now, Drilling in arctic will directly melt the snow and ice.

  4. BillT on Thu, 30th Aug 2012 1:58 am 

    SOS, get off the political rant. Oil flowing has ZERO to do with politics and everything to do with EROEI! Most of the oil that is left is going to stay in the ground, forever. Adjust to that FACT.

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