The average estimated oil recovery factor worldwide is about 35%. World-class technology and engineering at the fields in Norway has improved this substantially to an average recovery factor of 46%. The Norwegian oil industry is also the most carbon efficient in the world.
The future of solutions
The subsea cluster in Bergen seeks to embody and enhance the pioneering subsea experience from the North Sea. Through flat organizational structures and team spirit companies provide cost effective products and services. Placed squarely in the strict regulatory regime of the North Sea, operational and business processes ensure safety and professionalism. The subsea cluster in Bergen is the Future of Solutions.
Norway’s green oil industry: the most carbon efficient in the world
Norway has pledged to cut 40% of its greenhouse gas emissions from the 1990 level by 2020 and become carbon neutral by 2030. As the world’s fifth largest oil exporter, its petroleum industry will be a significant part of reaching this goal. The industry has successfully implemented a number of measures that have cut more than 40 million tonnes during the period 1994-2007 and is optimistic it can avoid the release of more than 130 million tonnes over the lifetime of these measures.
IOR: Norway extracts twice global average
When Ekofisk was first developed in the 1970s, it was thought that only 17% of reserves could be recovered. Based on original plans, the field would have finished producing already. Thanks to efficient operations and improved oil recovery, Norway’s very first oil field development is expected to keep pumping until 2050, according to the Norwegian Petroleum Directorate.
Brazil: the most promising international market
Norway’s oil and gas supplier industry generated NOK 95 billion in export revenues in 2008. Brazil’s growth potential represents the market with the largest growth potential for the Norwegian oil industry, according to Rune Norseng, INTSOK Brazilian Director.
Oil industry marks 40 years: interview with OLF president Per Terje Vold
In 1958, the Norwegian Geological Society wrote a letter to the Ministry of Foreign Affairs. It stated: “Do not expect to find coal, oil or sulphur on the Norwegian Continental Shelf.” Then, on the night before Christmas Eve of 1969, drilling rig Ocean Viking struck oil in an exploration well offshore Norway for Phillips Petroleum, the 32nd one and that rig’s last well for that area.