Despite the realization that the NCS creaming curve may be flattening off, this doesn’t mean that explorationists can put their feet up. There is still a high level of activity on the NCS, with a pre-Covid estimate of around 50 E&A wells to be drilled in 2020.
Although a number of wells have been deferred due to the oil price slump, more than 30 wells are expected to be completed this year. And successes have been reported, with Neptune’s Dugong find being the most promising discovery so far this year.
The Dugong discovery is also a perfect example of how near-field exploration pays off, adding more barrels to existing infrastructure in order to keep the hubs economic and thereby creating opportunities for further near-field exploration in the near future.
At the same time, more frontier exploration is needed to replace produced barrels. Mr. Stordal will highlight how the upcoming 25th Round is planned to facilitate the need for exploring new acreage.
The NCS Exploration Conference 2020 goes digital! In the light of ongoing developments related to COVID-19, it has been decided to go digital. More details about the conference and attendance will be revealed shortly.