2024-01-12 13:07:00
Norwegian oil and gas companies are expected to significantly increase their exploration activities in 2024, the Norwegian daily “Bergen” reported on Friday.
In 2023, 34 exploration wells were dug, among them, 23 were wildcat wells, giving rise to 14 discoveries, indicates the publication, specifying that during the year between 40 and 50 wells should be drilled.
The move is part of Norway’s efforts to maintain its status as a crucial energy supplier to Europe, particularly following becoming the continent’s top natural gas supplier in 2022.
According to the Norwegian Offshore Directorate (NPD), 92 fields were in operation at the end of 2023, with 27 projects in development and numerous exploration wells drilled.
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Oil production in Norway increased to 104 million barrels of oil equivalent per day in 2023, up from 97.8 million the year before.
However, natural gas production has seen a drop of around 5%, specifies the same source.
Additionally, the NDP projects that the high level of activity seen in 2023 will persist into 2024, ensuring that oil and gas production will remain stable over the next few years.
“The Norwegian shelf will continue to play an extremely important role for energy security in Europe for many years to come,” the regulator said.
He further noted that the introduction of new deposits should compensate for the reduced production of older and mature deposits, noting that the investment forecasts for 2023 and 2024 have been adjusted upwards compared to the projections. previous, indicating a significant increase.
Furthermore, the NPD highlighted the importance of conducting explorations close to existing infrastructure, allowing new discoveries to be rapidly developed and value generated while current fields are still operational.
Despite the focus on established areas, the NDP encourages businesses to actively explore more border regions.
« To further exploit resource potential, companies must become more committed to testing new ideas in frontier areas“, concluded the NDP.
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