A good year for investments on the Norwegian shelf

Oil platformOil platform.Photo: pixabay.com

Since 2012, there have not been so much requests submitted to the Norwegian authorities for several development plans in the Norwegian continental shelf on the North Sea as they have been submitted this year.

The value of investments this year were totally been around 26 billion NOK.

Last year authorities approved four plans for development and operation (PUD), compared with only one in 2014 and four in 2013, according to the Directorate of Oil & Gas (NPD).

So far this year the government has received five requests of such plans, written newspaper Stavanger Aftenblad. Last time when this amount of request for development plans delivered was in 2012, when six plans were filed and oil price was above 110 dollars per barrel.

This year Statoil has delivered three development plans to the authorities for fields Utgard, Byrding and Trestakk.

In addition, DEA Norway submitted a PUD for Dvalin development while Centrica on Wednesday submitted a development plan for Oda field.

– It seems we are positive and gratifying, says Ingrid Sølvberg, director of development and operations at the Directorate of Oil & Gas (NPD)..

She believes the development plans shows that the companies have succeeded in finding solutions that offer good profitability in challenging times.


Source: NTB scanpix / Norway Today