The Norwegian Petroleum Directorate’s (NPD) new resource report for exploration is now available online.
The report shows among other things that exploration activity on the Norwegian continental shelf (NCS) is profitable in all areas and minor discoveries account for a significant share of value creation.
Although 2020 has been a challenging year, the NPD is optimistic, as Torgeir Stordal, NPD’s Director exploration, writes:
Great challenges are faced at present. The coronavirus epidemic has reduced oil and gas demand, resulting in lower prices. Exploration activity will consequently be lower in 2020, a reminder that petroleum is a cyclical industry with big fluctuations. At the same time, producing energy with reduced emissions is attracting great attention and digitalisation is continuing at an ever-faster pace. Companies, government agencies and individuals find it demanding to keep up.
A solid base of facts and knowledge is essential for government to play a decisive role in resource management and to help ensure that good, long-term decisions are taken. In this report, we present an updated overview of undiscovered petroleum resources on the Norwegian continental shelf (NCS). This shows that, after more than 50 years of activity, roughly half the expected oil and gas resources have yet to be produced and that, of these, just under half remain to be discovered. Big discoveries are still possible across the whole NCS.
Explore the web version of the resource report for exploration 2020 here.