Upstream outlook turns bleak post-Sverdrup

摘要

Norway’s oil and gas sector is starting to look “like a well-pressed lemon”, with ofshore petroleum resources requiring higher oil and gas prices and lower costs for felds to be developed and operated, data provider Statistics Norway says. It is nine years since the giant 2.7bn bl of oil equivalent (boe) Johan Sverdrup feld was discovered in the North Sea, and there have been no major discoveries in the area since, despite extensive licensing rounds and high exploration activity, the organisation says in its latest industry analysis. Johan Sverdrup’s 440,000 b/d frst phase came on stream last month and immediately boosted Norwegian oil production, with October output beating the ofcial forecast for the frst time in two-and-a-half years. Norway produced 1.55mn b/d of crude and condensate last month, up by 17pc from September and by 2.5pc on the year, the Norwegian Petroleum Directorate says. Johan Sverdrup’s 220,000 b/d second phase is due on line in 2022, and Norwegian output is expected to keep rising until 2024.