The Norwegian Petroleum Directorate’s forecasts show that, after a minor decline in 2019, oil and gas production will increase from 2020 and up to 2023. Overall production will then approach the record year of 2004.1 - Investment and cost forecasts
For 2019, investments are expected to reach over 140 billion kroner (excluding exploration), an increase of 13 per cent compared with 2018. Many ongoing projects, both new field developments and on operating fields, contribute to a relatively stable activity level.2 - Increasing oil and gas production in the next five-year period
The Norwegian Petroleum Directorate’s production forecast up to 2023 shows an increase from 2020. Start-up of new fields, including Johan Sverdrup, will more than offset the natural reduction from operating fields. Total production of oil and gas is projected to approach the record year of 2004, with gas accounting for about half. It will be challenging to maintain such a production level up to 2030.3 - Further development of a mature shelf
At year-end, there were 83 producing fields on the Shelf. One new field came on stream during 2018, three new plans for development and operation were submitted and nine plans were approved. Two projects also secured PDO exemptions and three fields were shut down.4 - Exploration activity
Exploration activity in 2018 has been considerably higher than in the two previous years. The number of exploration wells has increased dramatically, and 87 new production licences were awarded, which is a new record.