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Offshore technology key to wealth

If Norway boosts its investment in research and development it could increase the value of its oil and gas resources by USD 95 billion (NOK 900 billion), according to the Research Council of Norway.

According to a new report by the council, the lion's share of the added value would come from technology enabling producers to recover a greater percentage of the oil and gas in each reservoir. Additional gains could be realised through lower exploration costs and the export of new technology. In the past decade or so the recovery rate in Norwegian oil fields has jumped from an average 28 percent to 44 percent. The council said that with proper investment oil producers should be able to push the oil recovery rate above 50 percent and the gas recovery rate to about 75 percent.