Elaine Maslin, 12th January 2012
Last year was an exceptional year for the Norwegian oil and gas industry, according to a report today.
Wood Mackenzie said with one of world’s largest recent oil discoveries, key deals, an increase in capital spending and licensing reaching a new high, the sector was buoyant.
The Avaldsnes Aldous field dominated headlines, with reserves estimates of 1.7-3.3billion barrels of oil equivalent, making it possibly the third-largest Norwegian find of all time.
The total value of commercial upstream assets transferred doubled to £1.5billion in 2011.
Development spending also increased, making Norway in the top five globally for capital expenditure.
Acreage awarded for exploration was the greatest since 1965.
However, only three fields were brought on stream in 2011, as some start-ups were delayed and approval was granted for eight developments.
“We expect there to be an increase in approvals and developments brought on stream in 2012,” said Wood Mackenzie.
It predicted progress would also be made towards the formal opening of the East Barents Sea area for exploration, and the eventual opening of the areas around the Lofoten Islands towards the end of the decade.