Foreword: Big opportunities on the NCS
Resource accounts: More than half left
Technical potential: Even more to gain
- Big EOR potential on the largest fields
- Large oil and gas deposits in tight reservoirs
Recovery: Much to be done
- Projects on fields create big value
- Big opportunities in discoveries
- Adopt new technology
- More players on the NCS
Cessation: Turn every stone
- Fields which are or could shut down within five years
- Changed conditions affect producing life
- Costs related to cessation
- Plugging wells
- Regulations for shutdown and disposal
The NPD’s role: Maximising value for society
Significant value remains to be extracted from the Norwegian continental shelf. In fact, the estimated resource base is the same today as it was a decade ago. To realise the full potential value, the industry must collaborate to exploit existing infrastructure and adopt available technology.
The downturn now being experienced by the industry has led to increased cost consciousness and more efficient operations. Over the past couple of years, the NPD has registered a reorientation in company behaviour towards more short-term decisions. In times such as these, it is particularly important to maintain a long-term perspective and not to fall into the temptation of opting for short-term solutions.
The Norwegian government expects all profitable resources to be recovered – not just the “easy” barrels.