Blood, sweat and tears
17/10/2007 Oil prices are high in this scenario. That creates great activity and good availability of acreage. But exploration results are disappointing.
Text: Terje Sørenes og Ina Gundersen
However, high prices encourage substantial technology development and a commitment to IOR.
The oil companies find considerably less than expected in the North and Norwegian Seas. Agreement is reached with Russia on exploring the area with overlapping claims, but no substantial finds are made.
These poor exploration results reduce interest in the NCS, with many players pulling out. However, companies with a focus on IOR still seem to find these waters attractive.
High oil prices lead to technology advances in carbon capture and injection, which boost recovery factors and nevertheless help to increase output from a number of fields.