Increased exploration by Norwegian oil and gas companies
Norwegian oil and gas companies plan to drill more exploration wells this year to maintain their position as key suppliers to Europe.
Norway’s Offshore Directorate announced that it plans to complete between 40 and 50 exploration wells, compared to 34 the previous year. They highlighted that more than half of the 23 exploratory wells carried out last year were successful in the discovery of hydrocarbons.
Norway is on track to become Europe’s largest supplier of natural gas, replacing Russian flows that were affected due to the invasion of Ukraine. Norway currently contributes about a quarter of the gas consumed on the continent and is likely to continue to be a key supplier as European countries use it as a transitional energy source amid their environmental efforts.
It is important to highlight that the country intends to keep oil and gas production stable in the coming years, according to the Directorate, and investments in the development of ongoing fields are expected to reach a record of 7.5 billion dollars this year. .
Oil and gas production in Norway
According to the report, last year there were a total of 92 fields in operation and 27 projects under development in the oil and gas industry in Norway.
Natural gas production was affected during the summer months due to unplanned outages and extended maintenance work, but managed to recover to a monthly record in exports during the month of December.
Although exploration has primarily focused on areas close to existing infrastructure, which has helped keep costs and emissions low, management is urging companies to also explore in less known or familiar locations.
Regarding oil production, this increased to 104 million barrels of oil equivalent per day in 2023 , compared to 97.8 million the previous year. However, natural gas production saw a decline of around 5%.
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Source: news.eseuro.com
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