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21 Pages

Norway Upstream - 2014 in review

Norway Upstream - 2014 in review

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?

This report includes 4 file(s)

  • Norway Upstream - 2014 in review PDF - 852.16 KB 21 Pages, 3 Tables, 22 Figures
  • Norway Upstream - 2014 in review PDF - 854.33 KB
  • Norway upstream - 2014 - review presentation.pdf PDF - 1.04 MB
  • Norway Upstream - 2014 in review.xls XLS - 775.50 KB


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

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  • Executive Summary
  • Exploration and appraisal
    • 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
  • Corporate story - Statoil leads the way, but others showing potential
    • Licensing
      • Record number of licence awards
    • Development Activity
      • 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

In this report there are 25 tables or charts, including:

  • Executive Summary
    • Discoveries, unsuccessful wells and field brought onstream
  • Exploration and appraisal
    • Annual success & discovery rates (1966-2014)
    • E&A activity 2005 - 2014
    • Discoveries made in 2014
    • 2014 E&A activity by basin
    • 2014 E&A success by basin
  • Barents Sea – Loppa highs and lows
  • Vøring Basin – continued success in 2014
  • North Sea – lots of wells with little to show
  • Corporate story - Statoil leads the way, but others showing potential
    • E&A operators in 2014
    • Net discovered reserves by company
    • 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)
    • Developments brought onstream in 2014
    • Delays and increasing capital costs on selected projects
    • Allocation of capital spend in 2014
    • Drilling activity: 2013 - 2014
    • Norwegian commercial reserves traded and valuation* (2005-2014)
    • Key Deals involving Norwegian assets in 2014
    • Number of new entrants on the NCS (2005 - 2014)
    • Total production (2005 - 2025)*
    • Top 10 liquids producing fields
    • Top 10 gas producing fields
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