Tensions rise in Norway as 13 billion barrels remain unsanctioned

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Report summary

There are 13 billion barrels of pre-FID resources in Norway.  We expect seven to be commercialised via 40 projects. Though this is a very healthy pipeline, these are testing times for project sanctions. Tensions are starting to rise between companies and Norway's governmental players who are wary of further delays and losses to the state. The next 12 months will prove critical to stimulating investment decisions and avoid putting billions of barrels at risk of being left in the ground.

What's included

This report contains

  • Document

    Tensions rise in Norway as 13 billion barrels remain unsanctioned

    PDF 822.44 KB

Table of contents

    • Pre-FID projects critical to NCS future
    • Only three projects expected to reach FID in 2015
    • US$20 billion of industry revenue at risk over pre-FID greenfield projects
    • Incremental projects also being delayed – less risky but more costly
    • Government taking swift action, NPD publicly disparaging of cuts
    • Government will take action but is a fiscal incentive on the cards?

Tables and charts

This report includes 12 images and tables including:


  • Top seven incremental projects by CAPEX


  • Pre-FID reserves by status
  • Total remaining commercial reserves by status
  • Total production by development status
  • Total investment by development status
  • Tensions rise in Norway as 13 billion barrels remain unsanctioned: Image 5
  • Greenfield projects Brent breakevens (Pre-FID)
  • Pre-FID greenfield production by Brent breakeven
  • Pre-FID greenfield value by Brent breakeven
  • Effect of two year delay on greenfield project value (NPV 10)
  • Pre-FID investment
  • Pre-FID projects by operator

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