The Norwegian Petroleum Directorate reported that oil production from the Norwegian continental shelf increased 3% in 2014, the first increase since 2000. Total production of oil and gas was 1.4% higher than in 2013.
“New wells have produced more than expected, and this is the most important reason behind the production growth,” said Bente Nyland, NPD director general.
Four new fields came on stream, 56 exploration wells were spudded, and 22 discoveries were made. Of the 22, eight were in the North Sea, five in the Norwegian Sea, and nine in the Barents Sea.
Eleven fields were under development at yearend 2014, a record number that Nyland said will result in considerable investments over the next few years. But only one plan for development and operation was received in 2014.
Investments are projected to drop 15% this year, NPD said.
“There are currently 79 producing fields on the Norwegian shelf,” Nyland said. “These are profitable fields where both the state and the companies are making money, and this is how it will stay, even if the oil price should drop further.”
Nyland said 55% of Norway’s total oil and gas resources remain in place, “waiting to be produced.”
