Energy Ticker


- The oil and gas industry must work smarter

According to Rune Bjerke, CEO in DNB, investments will drop 15 percent next year. But he reminds us that the investments still will be NOK 25 billion (€ 3 billion) higher in 2015 than in 2012 - This is our analysts estimates, says the CEO in one of Norway's largest financial services companies. He will not quantify how many jobs that will disappear, but he think that someone will get struggle in 2015 - Oil investments are record high. Have we become too dependent on oil and gas? - No, I do not think so, but the global market will grow, and companies that are internationally oriented will benefit from it, says Bjerke. He points out that cost cuts is not the right focus, but rather that the industry needs to work smarter, think new and show an ability to adapt and concentrate on more standard solutions to achieve the same thing, with lower costs. - These are the biggest challenges for the oil and gas industry, he saysl


PSA may require oil companies cooperate in the Barents Sea

Managing Director in the Petroleum Safety of Norway (PSA) Anne Myhrvold say that the authority will require oil companies to collaborate on joint security solutions related to developments in the Barents Sea. - We are facing significant challenges due to major distances and poor infrastructure in the area. The climate and weather conditions require extra vigilance. We have given this our top priority through the work in the Security Forum, says Myhrvold. Security Forum is a forum where both employers' organizations and trade unions participate. Myhrvold is the forum`s leader and says that in the beginning of November there will be completed a report on the challenges in the Northern areas.


- There is no alternative to natural gas

- If you want to develop a financial foundation that is more environmentally friendly and competitive, there is no alternative to natural gas, says Martin Bachmann, boardmember in Wintershall. European supply security has traditionally always begun on the continent’s own doorstep. Bachmann firmly believes that this will remain so in future. – The North Sea – and particularly Norway – will be extremely important for Europe’s supply of oil and gas in the future. Norway has the resources, is politically stable and has very good infrastructure, he said Wednesday at the ONS in Stavanger. Wintershall will therefore continue to expand its activities on the Norwegian continental shelf considerably. Norway is Germany’s most important energy supplier after Russia. Last year, for example, almost 30 percent of natural gas imports came from Norway. The German population also recognizes this, as a recent survey conducted by the public opinion research institute forsa and commissioned by Wintershall shows: 78 percent of Germans favor Norway as a reliable partner to make up for declining natural gas production in the European Union. 62 percent named Canada, followed by the USA (45 percent) and Russia and the Middle East (with 38 percent each).


Norway has undeveloped resources worth NOK 650 bn

The research company Wood Mackenzie (WoodMac) has calculated that Norway sits on 10 billion barrels of discovered but undeveloped resources. - In the estimate, we assumed that 4.8 billion of these barrels are commercial, and this includes 2.4 billion barrels of Johan Sverdrup, which is our mid-case estimate. By examing investors and analyzed the technical and commercial challenges, we believe that over 60 percent of the resources will be commercialized, says Malcolm Dickson, senior analyst at WoodMac. The 10 billion barrels of oil equivalent is located in 206 discoveries that vary in size from less than 1 million barrels to 2.4 billion on Johan Sverdrup. They are scattered across the Norwegian continental shelf, half in the North Sea. The rest is divided equally between the Norwegian Sea and the Barents Sea.


Press Contact

Verena Sattel
Communication Manager North Sea, Spokesperson