Mining & Energy
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After a sanctioning drought in the offshore industry in 2015 and 2016, recent projects submitted to the Norwegian Petroleum Directorate (NPD) indicate a turnaround in the country’s offshore industry.
“Oilfield service companies have been squeezed quite tightly for the past few years, but the developments in 2017 in Norway and elsewhere show the future is brightening for offshore service suppliers,” said Audun Martinsen, Vice President of Oil Field Service Research at Rystad Energy.
Seven field development plans were submitted to the NPD in December with a total value of US$12.5 billion more in greenfield CAPEX. Earlier in 2017 projects like Njord Future and Bauge were also sanctioned. The December expenditure made Norway the largest contributor to offshore developments in 2017 with US$18 billion worth of projects committed to, followed by the US and Mozambique.
“It is remarkable that Norwegian exploration and production operators are turning the tide of the offshore industry, given all the negative focus on cost cuts and lay-offs in Norway. Finally Norway’s industry is coming back to full throttle,” said Mr. Martinsen.
On 5 December, Statoil handed in the plans for approval of the Johan Castberg project. On 15 December, AkerBP handed in three plans for Aerfugl, Valhall West Flank and Skogul. Just before Christmas three oil companies handed in plans for development: Repsol for Yme New Development, VNG for Fenja, and Statoil for the Snorre Expansion project.
By Nicholas WoodroofSource: Oil Field Technology
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