New Market Report Now Available: Norway Oil & Gas Report Q4 2013
Recently published research from Business Monitor International, "Norway Oil & Gas Report Q4 2013", is now available at Fast Market Research
[ClickPress, Wed Nov 06 2013] Although output is on track to register its 11th consecutive year of decline on an annual basis, the fall should be less pronounced than the previous year's 8%. With a strong response to licensing rounds, highly prospective frontier acreage, and discoveries in mature areas, Norway retains a number of strengths and opportunities despite the continued downtrend in production. However, we note that as new projects come online form the end of the decade, production is on track to rebound. With sizable untapped gas potential and our forecast for steady gains in output notwithstanding the potential for negative growth for 2013, we expect Norway to retain its role as key supplier of gas to Europe
Full Report Details at
The main trends and developments we highlight in Norway's oil and gas sector are:
* Oil production remains in a downtrend, with maturing reservoirs - exacerbated by persistent challenges and volatility associated with planned and unplanned maintenance. Although the impact of negative forces has been ameliorated somewhat by the start of smaller new fields, we expect output to average around 1.79mn b/d, and at a decline of around 3%, a marked improvement over the nearly 8% decline from 2011 to 2012.
* The longer-term outlook for production is more encouraging as we estimate that production may at a slower rate over the coming year, reaching 1.55mn b/d by 2017 as new and large discoveries being made in the Norwegian Continental Shelf (NCS) will not be brought online quickly enough to replace output losses from ageing fields. We expect production from Johan Sverdrup to help reverse this decline from 2020, and help push production up from a nadir of 1.52mn b/d in 2019 to 1.54mn b/d by 2022.
* As of August, gas production is down slightly compared to the same time last year. A combination of maintenance, natural decline, and the delayed start of new fields have negatively impacted gas production over the course of 2013. We expect negligible production growth, with output due to reach 117bn cubic meters, a gain of just 1.5% over the previous year. We do note downside risk, should volumes disappoint over the remainder of the year, growth may be slightly negative year on year.
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