{"id":29768,"date":"2018-01-16T07:37:25","date_gmt":"2018-01-16T12:37:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=29768"},"modified":"2018-01-16T07:37:25","modified_gmt":"2018-01-16T12:37:25","slug":"norway-desperately-needs-large-oil-discoveries","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=29768","title":{"rendered":"Norway Desperately Needs Large Oil Discoveries"},"content":{"rendered":"

Norway Desperately Needs Large Oil Discoveries<\/a><\/h3>\n\"Norway<\/picture>\n
\n

Thanks to costs cuts and large oil discoveries made before the oil price crash, Norway will be able to sustain its oil and gas production over the next five years. But reduced exploration drilling and lack of big discoveries in the past two years spell trouble for Western Europe\u2019s biggest oil and gas producer after 2023, authorities fear.<\/p>\n

Nearly two-thirds of the undiscovered resources are thought to be located in the Barents Sea, the Norwegian Petroleum Directorate (NPD) directorate said<\/a> last week in its review of the Norwegian Continental Shelf in 2017.<\/p>\n

However, last year\u2019s exploration campaign in Norway\u2019s Arctic was a flop<\/a>. Oil companies are not giving up on Barents Sea exploration, but firms and authorities alike have now lowered expectations about the possibility of a huge discovery in those areas.<\/p>\n

\u201cIn the part of the Barents Sea that\u2019s currently open, you\u2019ve sort of tried the elephants — the big opportunities,\u201d Bente Nyland, Director General of the Norwegian Petroleum Directorate, told Bloomberg in a recent interview<\/a>. \u201cYou\u2019re now down to the next generation in size,\u201d Nyland noted.<\/p>\n

The authority would be happy with any discovery of around 500 million barrels of oil, Nyland told Bloomberg.<\/p>\n

Last year, the most promising exploration well Korpfjell\u2014the first well drilled in the Norwegian section of a formerly disputed area between Norway and Russia, and the northernmost wildcat well drilled on the Norwegian shelf\u2014was a disappointment<\/a>compared to expectations that it could contain more than 250 million barrels of oil equivalent<\/a>, or even 1 billion boe.<\/p>\n

The disappointing Barents Sea campaign led to just 11 companies applying<\/a> for production licenses in Norway\u2019s 24th licensing round that offered 93 blocks in the Barents Sea and 9 blocks in the Norwegian Sea. Statoil, Aker BP, and Lundin were all applying, but the NPD said that \u201cThe applicant landscape could indicate that some parties are prioritizing exploration in mature areas this time around,\u201d commenting on the applications.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Norway Desperately Needs Large Oil Discoveries Thanks to costs cuts and large oil discoveries made before the oil price crash, Norway will be able to sustain its oil and gas production over the next five years. But reduced exploration drilling and lack of big discoveries in the past two years spell trouble for Western Europe\u2019s […]<\/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":[1241,16898,1572,5332,14603],"class_list":["post-29768","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-norway","tag-oil-discoveries","tag-oil-price-crash","tag-oilprice-com","tag-tsvetana-paraskova"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29768","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=29768"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29768\/revisions"}],"predecessor-version":[{"id":29769,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29768\/revisions\/29769"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}