Norway to remain a significant supplier of oil and gas
It is the Government’s ambition that Norway shall remain a significant supplier of oil and gas to the world markets for a long time, says Minister of Petroleum and Energy, Terje Riis-Johansen.
- The oil and gas industry in Norway is the backbone of our economy. In my view the prospects for our oil and gas activities are very good, the minister said in a speech at the Offshore Conference Northern Seas 2010 (ONS) in Stavanger this week, the Ministry ‘s web site reads.
There are still large remaining petroleum resources on the Norwegian Continental Shelf. After 40 years of production, sixty percent of the expected resources remain to be produced, Riis-Johansen said.
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- It is the Government’s ambition that Norway shall remain a significant supplier of oil and gas to the world markets for a long time. One way to achieve this target, and perhaps the most important one, is to increase the recovery factor from the existing fields, the minister said. 1 per cent higher recovery from our shelf could be worth 30 billion USD, according to some estimates.
For this reason, improved oil recovery is of high priority for Norwegian authorities. Riis-Johansen has appointed a committee that will present proposals and recommendations on how recovery from fields can be increased further.
