A new analysis reveals that the oil and gas industry employs 225,000 people in Norway. Today, Kristin Færøvik, chair of the board of the Norwegian Oil and Gas association, presented the brand-new study of ripple effects to the Minister of Petroleum and Energy.
Drilling operations contract awarded to Rowan Norway
The contract covers permanent plugging of four wells and drilling of three production wells, and includes an option for four additional wells. The work will be performed with the Rowan Viking jack-up rig.
Lundin Petroleum announces increased reserves and contingent resources
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that as at 31 December 2018, its proved plus probable net reserves (2P reserves) are 745 million barrels of oil equivalent (MMboe), its proved plus probable plus possible net reserves (3P reserves) are 901 MMboe and its best estimate net contingent resources (contingent resources) are 225 MMboe. The 2P reserves replacement ratio is 163 percent for 2018 and this is the fifth consecutive year that Lundin Petroleum has more than replaced production.
Through the downturn in the industry, Lundin Norway has continued to invest in its employee base. More than 30 percent of the current workforce has in fact been recruited in the period after oil prices started to fall in 2014. This has been made possible by our long-term strategy to secure sustainable growth.
Successful well test on Rolvsnes opens up a larger potential
Lundin Norway has conducted a successful well test over a ten-day period on Rolvsnes in the North Sea. The test confirms a completely new exploration concept on the shelf, and shows that we can produce oil and gas from fractured and weathered basement rocks.
Lundin Norway is acquiring an unprecedented volume of environmental data from the seabed in connection with exploration drilling in the Barents Sea. The information that has been collected indicates that there is no negative impact on the ecosystems from the drilling activity.
200 million years ago, the area where the Edvard Grieg field is located today was a barren desert landscape. Several major floods carried enormous volumes of mass down the hillsides and created an alluvial fan deposit in the valley. The result of the flood destruction became a good conglomerate oil reservoir.
The Norwegian Petroleum Directorate (NPD) presented the 2018 Resource Report this week. It shows that there still are plenty of resources to explore for on the Norwegian shelf. And the exploration is profitable.