– Although many areas are very mature, the policy of stepwise opening areas for exploration activity means that large parts of the shelf are still quite immature and still offer frontier exploration opportunities, Stordal says.
Stordal advocates more exploration.
– As most of the producing fields now are in decline, the overall production profile will remain relatively flat in the coming years. New exploration discoveries will therefore be required to arrest decline beyond the next 8-10 years. Consequently, a continued high exploration activity is necessary to find the additional oil and gas that is needed to sustain production in the longer term, the director says.
– The excellent coverage of latest generation high quality 3D seismic should provide a good basis for the upcoming drilling activity, which is on an upward trend, he adds.
Stordal also reminds us that a number of incentive measures introduced in 2005 led to a revitalisation of mature areas and a number of discoveries have been made since.
– Although most discoveries, with a few notable exceptions, have been small, they are being developed over existing infrastructure and will create significant value, he says.
Read the interview with Torgeir Stordal in GEO 01/2018: “Fra globalt til nasjonalt perspektiv“.