As with all downturns, exploration departments have again been hit during this years’ slump in Covid-19 related demand and the associated drop in oil price. This new reality, combined with the long-term necessity to phase out oil and gas, may suggest that the end of the hydrocarbon production from the Norwegian Continental Shelf is being brought forward.
However, new oil and gas finds are needed to offset the natural decline of existing fields and to ultimately fuel the global transition into a 100% use of renewable energy. As one expert put it last year: “It doesn’t really matter if the whole of Western Europe starts driving electric cars tomorrow; the global outlook for oil demand does not materially change”.
In that context, the upcoming NCS Exploration Strategy Conference 2020 will be a great opportunity to learn more about how companies operating on the Norwegian Continental Shelf are responding to the combination of immediate pressures caused by oil price volatility as well as long term security of supply and the move to net zero. The conference will take place from 18th to 19th November in the Scandic Forus in Stavanger.
During last years’ successful conference, companies began to emerge from a prolonged and lengthy downturn, which shook up the industry significantly. Not realising back then what was around the corner, this years’ conference provides a platform for attendees to compare how strategies have changed since last year.
With an excellent line-up of people already committed to present – such as the new General Director of the NPD Ingrid Sølvberg and Denis Palermo from Vår Energi – this is a good time to register for the conference and hear first-hand what the renewed strategies for exploration on the Norwegian Continental Shelf entail.