Norway's upstream sector is thriving and in 2012 there were record levels of capital investment, M&A activity and licences awarded for mature acreage. Exploration drilling was down and results were underwhelming. The ramp-up in activity on the shelf over the past couple of years led to upstream players raising concerns about the sector overheating.
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Norway - Review of 2012 PDF - 872.93 KB 18 Pages, 4 Tables, 14 Figures
Norway Review of 2012.xls XLS - 944.50 KB
This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.
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North Sea - technical successes and appraisal drilling
Barents Sea - a strong start, but performance dropped off
Norwegian Sea - drilling delays hit well numbers
Success rates up in frontier areas, but North Sea proves high risk
Corporate story - Statoil leads the way, again
Record number of awards made in mature round
APA 2011 by company
APA 2011 by sector
East Barents likely to be offered to companies for exploration soon
Activity begins at Jan Mayen but opening still way off
Global investment comparison
Capital investment in 2012 focuses on producing assets
Main contributors are long-producing developments
Fields onstream in 2012 - a busier year but delays at Skarv Area
Development approvals 2012 - plans for challenging fields
Two development plans awaiting approval
Two potential developments stalled
Another record year for M&A
Statoil completed its second major asset disposal
The Majors re-shuffled their portfolios
In a similar vein to the Statoil swap, a large part of the value traded in 2012 was down to majors trading or divesting assets that they considered to be non-core. A swap deal between Total and ExxonMobil meant that both companies strengthened respective positions in key development areas. Also, ConocoPhillips, BP and ExxonMobil sold out of assets that did not fit with their overall country strategy.
Small caps sell to make ends meet
An attractive place to grow
Exploration set to ramp up
This drilling schedule is subject to rig availability and drilling delays, and early signs are that these could again impact activity in 2013.
Wells to watch in 2013
Licensing expected to reach new record level in 2013
Progress expected on key developments, Johan Sverdrup development concept selection
M&A activity to remain high
In this report there are 18 tables or charts, including:
Exploration and Appraisal
Exploration and Appraisal Activity 2003 - 2012
Discoveries made in 2012
E&A activity by sector in 2012
Total discovered reserves by sector in 2012
Annual success and discovery rates 1966 - 2012
E&A wells by operator type 2012-2011
Net discovered by company in 2012
Licences and acreage awarded 1965-2012
Acreage awarded in 2012 by top 10 companies
Acreage awarded in 2012 by sector
Top 10 countries by capital investment in 2012 (US$bn) *
Top 20 projects by capital investment* in Norway 2012 (US$bn)
Fields brought onstream in 2012
Development approvals in 2012
Another record year for M&A
Norwegian commercial reserves traded and valuation* 2003-2012
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Insight | Jan 2013
Norway - Review of 2012
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