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Norway Oil and Gas Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 96 pages

Summary

Table of Contents

Includes 3 FREE quarterly updates

BMI View: Attractive fiscal policy has seen steady exploration and supported strong interest in the 23rdlicensing round. New fields and improved recovery will stabilise oil production over the 2016-2019 period,with the vast Johan Sverdrup project contributing to long-term output. Gas production will improve aslower prices support European demand.

Latest Updates And Key Forecasts

- The 23rd licensing round, which focused on the Barents Sea, saw 40 blocks awarded to 13 differentparticipating companies.

- To the end of May 12 exploration and 2 appraisal wells were drilled, down from 16 and 7 in 2015. Fourminor discoveries were made.

- Oil, condensate and NGL production averaged over 2mn b/d from January to April.

- The Goliat project, the first Arctic oil development, was officially opened in April 2016.

- Maersk's 10,000b/d Flyndre field is expected to come online in H216, while Statoil will tie back the FrontC discovery to the Troll C platform boosting output by August.

- The request for a production cap increase on the Troll field has been granted, enabling 33bcm of outputfrom September 2016 to September 2017, up 3bcm from the previous period.

- Natural gas production grew 10.7% y-o-y from January to April, reaching 43.4bcm over the first 4months of 2016.

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