Insight
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.
Table of contents
- 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
Tables and charts
This report includes 25 images and tables including:
- 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
- Discoveries made in 2014
- 2014 E&A activity by basin
- 2014 E&A success by basin
- 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
What's included
This report contains:
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