{"id":27689,"date":"2017-11-07T06:49:54","date_gmt":"2017-11-07T11:49:54","guid":{"rendered":"http:\/\/olduvai.ca\/?p=27689"},"modified":"2017-11-07T06:49:54","modified_gmt":"2017-11-07T11:49:54","slug":"norways-oil-sector-faces-existential-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=27689","title":{"rendered":"Norway\u2019s Oil Sector Faces Existential Crisis"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/Norways-Oil-Sector-Faces-Existential-Crisis.html\">Norway\u2019s Oil Sector Faces Existential Crisis<\/a><\/h3>\n<picture><img decoding=\"async\" class=\"singleArticle__articleImage\" title=\"Norway\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2c8b23c3be480dc77f63b2b08ec4839c.jpg\" alt=\"Norway\" \/><\/picture>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>Oil companies have recently focused on frontier exploration drilling in the Barents Sea offshore in Norway, neglecting the powerhouse of the Norwegian oil industry, the North Sea.<\/p>\n<p>Exploration activity in the North Sea\u2014the most mature area of Western Europe\u2019s biggest oil producer\u2014is at an <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-10-31\/oil-output-threatened-as-norway-explorers-neglect-north-sea\">11-year low<\/a> this year, which is a concern for the industry\u2019s regulator, the Norwegian Petroleum Directorate (NPD).<\/p>\n<p>\u201cThat worries me,\u201d NPD Director General Bente Nyland told Bloomberg in a recent interview, voicing the industry concern that without new oil discoveries, especially in mature areas with well-connected infrastructure, the decline in Norway\u2019s oil production would be even bigger than expected.<\/p>\n<p>Following a continual decline between 2001 and 2013, Norway\u2019s crude oil production\u00a0<a href=\"http:\/\/www.norskpetroleum.no\/en\/production-and-exports\/oil-and-gas-production\/\">rose<\/a> last year for the third year running, but according to the Norwegian Petroleum Directorate (NPD), oil production this year would be nearly half the volume from the peak in 2000-2001.<\/p>\n<p>Two huge fields discovered in 2010 and 2011, <a href=\"https:\/\/www.statoil.com\/en\/what-we-do\/johan-sverdrup.html\">Johan Sverdrup<\/a> in the North Sea, and <a href=\"https:\/\/www.statoil.com\/en\/news\/johan-castberg-operation.html\">Johan Castberg<\/a> in the Barents Sea, are expected to start operations in 2019 and 2022, respectively, and will lift Norway\u2019s oil production in the early 2020s compared to expected declines in 2018 and 2019.<\/p>\n<p>But after 2025, production and activity are expected to significantly drop off unless there are new discoveries, <a href=\"https:\/\/www.statoil.com\/en\/where-we-are\/norway.html\">according to<\/a> oil major Statoil.<\/p>\n<p><strong class=\"related\"><a href=\"https:\/\/oilprice.com\/Geopolitics\/International\/Trumps-China-Trip-To-Reap-Billions-In-Energy-Deals.html\">Related:\u00a0Trump\u2019s China Trip To Reap Billions In Energy Deals<\/a><\/strong><\/p>\n<p>Norway\u2019s Ministry of Petroleum and Energy, and NPD <a href=\"http:\/\/www.norskpetroleum.no\/en\/production-and-exports\/oil-and-gas-production\/\">say<\/a>:<\/p>\n<p>\u201cProduction from new fields that come on stream will compensate for the decline in production from ageing fields. However, in the longer term, the level of production will depend on new discoveries being made, the development of discoveries, and the implementation of improved recovery projects on existing fields.\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Norway\u2019s Oil Sector Faces Existential Crisis Oil companies have recently focused on frontier exploration drilling in the Barents Sea offshore in Norway, neglecting the powerhouse of the Norwegian oil industry, the North Sea. Exploration activity in the North Sea\u2014the most mature area of Western Europe\u2019s biggest oil producer\u2014is at an 11-year low this year, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[16897,3331,1241,16898,595,5332,14603],"class_list":["post-27689","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-barents-sea","tag-north-sea","tag-norway","tag-oil-discoveries","tag-oil-production","tag-oilprice-com","tag-tsvetana-paraskova"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27689"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27689\/revisions"}],"predecessor-version":[{"id":27690,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27689\/revisions\/27690"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}