The Norwegian Petroleum Directorate reported Wednesday that a record number of fields are in operation on the Norwegian shelf.
In a summary of progress on the Norwegian Continental Shelf, the NPD said discoveries in 2013 offset roughly half of oil and gas production that occurred on the shelf last year. Meanwhile, an unprecedented number of wildcat wells were drilled during the year, which saw the second greatest number of exploration wells ever recorded on the NCS.
The NPD said that 20 new discoveries were made in 2013, which is seven more than were made in the previous year. Exploration activity was greatest in the North Sea, where a total of seven oil and gas deposits were proven. Eight discoveries were made in the Norwegian Sea, with five made in the Barents Sea.
Four new fields came on stream on the shelf in 2013 and 13 fields are currently being developed, the NPD said. Oil companies plan to submit another 13 plans for development and operation over the next two years, the organization added.
The NPD said that the high level of activity in the oil and gas sector is expected to continue but growth will stop. Investment in the shelf for 2014 are expected to reach NOK 176 billion ($11 billion) with investment expected to increase to around NOK 180 billion 2015 before remaining stable at NOK 170 billion per year through to 2018.
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