Stepping up oil & gas game key for Norway to stave off ‘steep’ drop in production

As the global energy security mission continues to keep oil and gas in high demand, the Norwegian Offshore Directorate (NOD), reporting to Norway’s Ministry of Energy, has emphasized that the Norwegian Continental Shelf (NCS) will yield more hydrocarbons in the upcoming years.

While describing the NCS as “a safe harbour in stormy seas,” the Norwegian Offshore Directorate has highlighted that there are still substantial remaining resources, both oil and gas, even after more than 50 years of petroleum activities, as it contemplated perspectives on further development of the shelf, with an emphasis on exploration and resources in existing fields.

NOD also indicated considerable seabed mineral resources and vast storage capacity for CO2, as it delved into the global energy landscape and markets, including exploration challenges on the Norwegian Continental Shelf, ways to recover maximum resources in existing fields, and the role of new industries during an event in Stavanger.

Kjersti Dahle, Director of Offshore New Ventures at Norwegian Offshore Directorate, who notes that the NCS is positioned to remain a competitive producer and exporter of oil and gas for many years to come, underscored: “We’ve had 30 years of – more or less – plateau production on the NCS.

“We’ll need to boost our efforts in both exploration, developing discoveries and improving recovery from existing fields in order to curb the steep production decline forecast after 2030.”

The Norwegian Offshore Directorate, which published three potential scenarios leading up to 2050, including the one with the highest production that requires more exploration, developing discoveries not yet on stream, reinforcing efforts to improve recovery from existing fields, and further technology development, has urged companies to explore more frontier areas.

Equinor, the Norwegian state-owned energy company, disclosed its investment game plan in 2024, with annual injections of $5.7 – $6.6 billion into the Norwegian oil and gas landscape by 2035 to ensure the daily production level of around 1.2 million barrels during the decade while cutting emissions in half by 2030.

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