Full speed ahead
17/10/2007 The level of activity is high, exploration acreage is plentiful, many discoveries are made and environmental considerations impose few constraints.
text: Terje Sørenes and Ina Gundersen
Exploration work is dampened by low oil and gas prices, but eventually rises because more large petroleum discoveries are made. Production is high. A major gas development in the Norwegian Sea prompts the construction of a new pipeline to the North Sea.
Norway and Russia reach agreement on exploration in the area of overlapping claims in the Barents Sea, and several major gas discoveries are made there. That provides the basis for building a new liquefied natural gas terminal on the north Norwegian coast.
After being opened for exploration, the waters around Jan Mayen yield discoveries, followed by several major oil and gas finds in the northern Barents Sea.
The far north eventually becomes the centre of gravity for Norwegian petroleum operations. Access to these waters mean that the country remains attractive to the big players.
Because discoveries are bigger and more numerous than expected, production exceeds the NPD’s long-term forecast. Gas accounts for the bulk of the resources discovered, and Norway’s output of this commodity increases.