“We estimate the total Norwegian resources to be 15.6 billion standards oil equivalents. Approximately half of these have been produced. We believe that 22 per cent of the remaining oil and gas have yet to be found,” said Kalmar Ildstad, Director at the Norwegian Offshore Directorate (Sokkeldirektoratet).
The Norwegian Offshore Directorate expects continued exploration missions to uncover more oil and gas resources, adding to the 94 fields already in operation, and the more than 20 ongoing larger project currently developed.
“30 to 40 exploration wells will be drilled in 2025 and we foresee the same level for many years to come. Total oil and gas investments on the Norwegian Continental Shelf are believed to be NOK 150-200 billion annually till 2030,” said Ildstad.
Output from the Norwegian sector has been stable for three decades. Going forward, Ildstad and his colleagues see a substantial dip in production.
“Most operational fields will face reduced production levels. More than 60 per cent of the areas that are operational today will close by 2040. Half of the current output stem from wells drilled during the last five years,” said Ildstad.
TOP LEADER FORUM
He was one of the keynote speakers at the GCE NODE Top Leader Forum in Kristiansand Tuesday. The biannual forum gathers high level managers from companies participating in the cluster.
Other keynote speakers included Andreas Svanlund who gave insight into the geopolitical situation, and Ole Falk Hansen, CEO of Nekkar, who talked about how competence from the oil and gas sector is utilized in other industries.
Knut Mjåland, CEO of GCE NODE, rounded off the forum with an introduction to a new era for the cluster, dubbed GCE NODE 5.0.
“An action plan is currently in the making,” said Mjåland.
