Strong upturn in development plans on Norwegian Continental Shelf

Valhall field in the North SeaValhall field in the North Sea.Photo: Håkon Mosvold Larsen / NTB scanpix

In 2016, construction on the Norwegian Continental Shelf (NCS) delivered NOK 23 billion. By December this year, the construction plans are worth more than NOK 100 billion.

 

In December, development plans are expected for seven projects on the NCS. These projects are estimated to have a value of at least 106.5 billion, stated a review made by Sysla.

Statistics Norway’s (SSB) estimated 2018’s oil investments last week at a total amount of NOK 144.3 billion. In those figures, the projects in December weren’t included.

This year, total investment is expected to reach around NOK 150.8 billion.

‘It is positive, with many development plans. Through a very challenging period, the industry has worked well, with plans to expand discoveries, and additional resources in oil fields. This creates enormous value for society’, said Ingrid Sølvberg,Director of Development and Operations at the Norwegian Petroleum Directorate (OD), to the press.

The two biggest projects delivering development plans next month are with Statoil as operator. They concern an estimated investment of NOK 49 billion in the Johan Castberg field, and approximately NOK 22 billion in the Snorre field.

©  NTB Scanpix / Norway Today

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