Looking for a specific product?

Make a search for products & suppliers, articles & news.

The year of surprises

Last year was a year of surprises for the oil industry, and can best be characterised as an “annus hurrahbilis”. This was confirmed by Bente Nyland during today’s press conference.

Director general Bente Nyland

“It’s a pleasure to talk about 2011,” said the director general.

She reviewed the major discoveries that were made in the North Sea and Barents Sea that, according to her, have led to renewed optimism in the industry. The ”Aldous/Avaldsnes” discovery proves it is possible to make major discoveries in mature areas, and the Skrugard and Havis discoveries have doubled the resource estimate for this part of the Barents Sea.

Nyland said that her career as a recently graduated geologist began with the mapping of the Barents Sea in 1982.

“These discoveries show that you have to have faith. And hopefully, we’ve cracked the code in this area,” she said.

Last year, a scant NOK 150 billion was invested in the petroleum industry and the level has increased by 15 per cent from the preceding year. According to Nyland, this is due to an actual increase in activity, not just price increases as was the case for the last investment increase in 2009.

“We still have very good profitability, and we are able to develop discoveries that have been fallow for several years,” Nyland continued.

She warned the industry to not forget to extract oil from the producing fields while celebrating the new discoveries.

“A production licence comes with a commitment, and everything that is profitable must come up”, said the director general.

“If we are to extract more from the current fields, we must drill more wells.”

State secretary Per Rune Henriksen in the Ministry of Petroleum and Energy characterised 2011 as “a particularly good year” and noted that important discoveries were made that will be very significant for oil activities in the future.

At the same time, he warned about the cost development in the industry.

“A high cost level has a direct effect on value creation, and constitutes a risk that the resources will not be recovered,” said Henriksen.

“This is primarily the industry’s responsibility, and it would be wise to take this seriously.”

 

 

Related news

Latest news

TechnipFMC celebrates 45 years of enhancing the performance of the engineering industry in Spain

TechnipFMC recently commemorated the event with a celebration in Barcelona,

AKVA group to deliver new feed barge to Arctic Sea Farm

Local presence on Iceland and a good training program were critical factors why Arctic Sea Farm hf chose AKVA group as supplier.

World's fastest ROV? - Project ROST

Traditionally, all cleaning has been carried out from a workboat,

New regional manager takes the helm in key oil and gas markets for DNV GL

Elaborating on the differences in the energy markets which now lie under his new responsibilities in DNV GL,

DNV GL launches certification framework and recommended practice for Carbon Capture and Storage (CCS)

The recommended practice DNVGL-RP-F104 Design and operation of carbon dioxide pipelines, 

DNV GL launches new JDP to test biodegradable lubricants

The test programme will investigate such aspects as hydrodynamic oil film formation,

ROV contracts in Brazil

The new contracts and contract extensions give 1 630 days of ROV services...

Steinsvik Secures a Contract for its First Concrete Barge

Steinsvik’s well-known steel barge design is now complemented by a new and innovative concrete barge design.

Searching for the best biological solutions

AKVA group’s biologists play a key role to ensure that the company’s technology not only meets fish welfare requirements, but also provides the best possible conditions for the fish.