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Norway Upstream - 2014 in review

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Report summary

For most of 2014, oil prices remained high, meaning that it was business as usual in the buoyant Norwegian sector. Exploration continued apace and M&A was at record levels. Capital discipline was certainly in evidence, but spending cooled only a little. Oil production increased for the first time in 14 years.

What's included

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  • Document

    Norway Upstream - 2014 in review

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    Norway upstream - 2014 - review presentation.pdf

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Table of contents

  • Executive Summary
    • High level of activity with mixed results
    • Discoveries and key wells by region
  • Barents Sea – Loppa highs and lows
  • Vøring Basin – continued success in 2014
  • North Sea – lots of wells with little to show
      • Record number of licence awards
      • Investment remains high
      • Statoil still the big spender
      • But new players are emerging
      • High activity on producing assets
      • Heavy investment in new projects
      • Six fields brought onstream
      • Projects delayed as margins tighten
      • Activity increases on the Utsira high
      • Reduction in development drilling spend
      • Decommissioning spend on the rise
    • M&A reaches a record in 2014 – despite oil price drop
    • Large scale corporate deals show Norway’s attractiveness…
    • …but lower oil prices will be a challenge for those that paid full prices
    • Smaller deals: growth and consolidation
    • Net reduction in companies in 2014
    • Fiscal review
    • Production
    • First increase in liquids production in 14 years…
    • Decrease in gas production

Tables and charts

This report includes 25 images and tables including:

Images

  • Discoveries, unsuccessful wells and field brought onstream
  • E&A operators in 2014
  • Net discovered reserves by company
  • Annual success & discovery rates (1966-2014)
  • E&A activity 2005 - 2014
  • 2014 E&A activity by basin
  • 2014 E&A success by basin
  • Norwegian commercial reserves traded and valuation* (2005-2014)
  • Number of new entrants on the NCS (2005 - 2014)
  • Total production (2005 - 2025)*
  • Top 10 liquids producing fields
  • Top 10 gas producing fields
  • Acreage and licences awarded in APA rounds
  • Acreage awarded by company in 2014 - top 10
  • Historical capital investment
  • Capital investment by project development status
  • Capital investment by sector
  • Top 10 projects by capital investment in 2014
  • Volume of reserves (mmboe) brought onstream by year (2002 – 2014)
  • Delays and increasing capital costs on selected projects
  • Allocation of capital spend in 2014
  • Drilling activity: 2013 - 2014

Tables

  • Discoveries made in 2014
  • Key Deals involving Norwegian assets in 2014
  • Developments brought onstream in 2014

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