In a press release, Equinor claim that they are on track to remain profitable production from the NCS at current level towards 2030. After that however, declining production from current fields and discoveries will become noticeable.
Arve Signve Nylund, executive vice president for Development and Production Norway is now launching a plan to renew the NCS, which includes:
- Drill up to 3,000 wells during the coming decades
- Extend the lifetime of more than 20 installations
- Drill 20-30 exploration wells annually and actively explore for gas
- Explore the possibilities of floating offshore wind and electrification as means to reduce greenhouse gas emissions
- Increase the pace of digitalisation and use of new technology
- Strengthen and renew the competence in own workforce within traditional and new disciplines and conduct targeted recruitment to ensure new competence
We aim to achieve an average recovery rate of 60 and 85 per cent respectively at our oil and gas fields. This is almost twice the average global oil recovery rate of 35 per cent,” says Nylund.
“We need to start now. After 2022 there are currently few big projects remaining.”
“The choices that we, the authorities, and the industry make today will be decisive. It is about stable framework conditions, investments and collaboration to develop new and innovative solutions. We have the expertise, platforms, pipelines, bases and onshore facilities, a competitive industry and a fast-developing technology. This gives us an excellent starting point when we set out new plans in order maintain production and profitability as high as possible, while at the same time developing new renewable value chains on the NCS,” says Nylund.