The outlook is bright for Norway’s offshore petroleum sector if the participants continue to invest in exploration, production and development, particularly as there are “significant remaining oil and gas resources” in the country’s offshore plays, according to the Norwegian Petroleum Directorate (NPD).
The NPD, which is Norway’s offshore petroleum regulator, provided its annual assessment today on activities on the Norwegian continental shelf in 2022 and its forecasts for the coming years.
There were many positives — gas production was 8% higher than in 2021 at 122 billion cubic metres; a total of 13 field development plans plus four field extensions were submitted with an estimated combined investment of Nkr300 billion ($30 billion); while 11 new discoveries were made from 32 exploration wells drilled.
