Norway upstream 2016 in review: cost cuts, FIDs and big deals Report

Insight 13 January 2017

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Report summary

Norway’s upstream sector continued to feel the pain of low oil prices in 2016. Investment fell to a ten year low, exploration results were disappointing and large final investment decisions (FIDs) continued to be deferred. But there were rays of light. Companies were able to significantly cut costs, production remained high and M&A activity rose

Executive summary
Exploration and appraisal
- A sore year for exploration
- Highly prospective Arctic acreage awarded
- Improvements in drilling efficiency
Development Activity
- Investment hits a ten year low
- Johan Sverdrup props up spend
- Shift in corporate landscape continues
- Five developments brought onstream including first oil from the Barents
- Norway continues to rank number one globally for FIDs
Production
- Production remains stable
- Maintenance activity increases as operators target future volumes
M&A
- Norway strikes back and continues to stand out globally
- BP and Det Norske merge to form Aker BP
- Statoil shows faith in Lundin Petroleum
- Gazprom makes its long-awaited entrance into Norway
- Development opportunities and new entrants