Never before has so much gas been sold from the Norwegian shelf as was the case in 2017. Oil production was down slightly; nevertheless, overall production rose for the fourth straight year.1 - Increasing oil and gas production for the next five‐year period
The Norwegian Petroleum Directorate’s production forecast up to 2022 shows an increase from 2020, when Johan Sverdrup has come on stream. Total production of oil and gas in 2022 is estimated to be close to the record‐breaking year 2004. Gas will then account for about one‐half of the production.2 - Investment and cost forecasts
The petroleum industry has made a considerable effort to reduce its cost level, which has resulted in substantial savings. The cost level for field developments has declined and there has also been a substantial reduction in both operating and exploration costs.3 - Development and operations
The Norwegian Petroleum Directorate is concerned with responsible resource management through cost efficiency and cost control. Cost‐effective solutions make profitable oil and gas production possible. On the other hand, cost cuts must not prevent profitable measures to increase the production.4 - Exploration
Record number of exploration wells in the Barents Sea. A total of 34 exploration wells were completed in 2017, a decline of 3 from the previous year. Based on the companies’ plans, the number of exploration wells in 2018 is expected to remain at approximately the same level as in 2017.