The Norwegian Central Graben is a mature basin situated in the Central North Sea. The basin is bounded by the Northern North Sea Basin to the north, the UK maritime boundary to the west and the Danish border to the south. Much of the exploration in the basin to date has focussed on the Cretaceous-Tertiary and Jurassic plays. However, the recent King Lear and Julius discoveries have brought increased attention to the Norwegian sector of the Mesozoic HP/HT play, which has been more widely explored in the UK portion of the basin. We forecast exploration activity will continue to focus on Upper Jurassic oil and more deeply buried HP/HT gas/condensate prospects. Under the current price environment creating value from exploration in the basin will be challenging and limited to the best performing companies.