Arctic exploration is set to reverse the decline in Norwegian oil production according to a poll of oil and gas professionals.
The poll – conducted by technical consultants GL Noble Denton at the Offshore Northern Seas conference currently being held at Stavanger, Norway – found that 74 percent of participants believe the development of sizable reserves in Arctic waters offshore Norway could reverse the country's diminishing North Sea production rates by 2030. Only 26 percent of those questioned believe that Norway would not be able to prevent the decline through Arctic exploration.
In June this year, the Norwegian Oil Ministry announced that Norway plans to significantly increase activity within its Arctic waters. The country's next licensing round for frontier areas will include 86 blocks, of which 72 are in the Arctic Barents Sea.
Meanwhile, Norwegian oil major Statoil this week announced plans to step up its own activities in the Arctic.
GL Noble Denton Manager Director Tore Lea commented in a statement accompanying the results of the poll:
"The remote Arctic region is becoming more attractive to the industry as a whole. This could provide Norway with an opportunity to increase its production at a time when oil output continues to fall sharply but demand for energy is rising. The result of the poll suggests there is clear industry support for Arctic exploration in Norwegian waters, and confidence in the country's ability to develop the infrastructure needed to produce oil in such a challenging environment."
The snapshot poll was conducted on the first day of the ONS conference, which began on Tuesday, August 28.
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