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Norway review of 2013 and outlook for 2014

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08 January 2014

Norway review of 2013 and outlook for 2014

Report summary

It was another record year for Norwegian capital investment, at US$30 billion.  This led to the first negative Norwegian tax change in 20 years.  In E&A, 60 wells drilled, the second highest on record, with two new plays opened in the Barents Sea.  Commercial M&A value traded was second only to the record set in 2012.  In 2014, US$30 billion will be spent on developments, E&A will continue apace, and M&A could hit record levels.

Table of contents

  • Tax change
  • Exploration and appraisal
  • M&A
  • Outlook
  • Southeast Barents Sea opens to exploration
  • Jan Mayen, Lofoten and Vesterålen Islands to remain off limits
    • Majority of investment on giant producers
    • BP’s Skarv and tie-backs brought onstream
    • Significant projects sanctioned, but pressure on Polarled
    • Snorre life extended
    • Milestones reached at Johan Sverdrup and Johan Castberg
    • The first tax increase in 20 years raises concerns
    • Gassled tariff and Third Party Access changes
    • Infrastructure in the Barents Sea delayed indefinitely
    • Statoil continues to high-grade its portfolio
    • Companies buy to grow
    • Norway attracts seven new players
    • Exploration investment will remain high
    • Hot competition for frontier acreage expected
    • Record levels of spend set to continue
  • Appendix

Tables and charts

This report includes 19 images and tables including:

  • Norway review of 2013 and outlook for 2014: Image 1
  • Norway review of 2013 and outlook for 2014: Image 2
  • E&A Activity 2014-2013
  • Discoveries made in 2013
  • E&A Activity by sector in 2013
  • E&A success by sector in 2013
  • E&A Operators in 2013
  • Net discovered reserves by company
  • Licences and acreage awarded 1965-2013
  • Acreage awarded in 2013 by sector
  • Acreage awarded in 2013 by top 10 companies
  • Annual development spend
  • Norway review of 2013 and outlook for 2014: Image 12
  • Norway review of 2013 and outlook for 2014: Table 5
  • Production 2004-2024
  • Developments brought onstream in 2013
  • Norway review of 2013 and outlook for 2014: Image 13
  • Norway review of 2013 and outlook for 2014: Table 3
  • Norway review of 2013 and outlook for 2014: Table 4

What's included

This report contains:

  • Document

    Norway review of 2013 and outlook for 2014

    PDF 3.10 MB