Norway, Europe’s largest oil and gas producer, is considering introducing new procedures and measures by the end of 2014 to reduce cost and increase output from its offshore oil and gas industry.
The plans involve the petroleum and energy, labour, and environment ministries in containing costs that have risen by an average of 10 percent each year for the past decade, inhibiting output while the production of crude oil has fallen by half since the year 2000.
During a conference in Oslo, Tord Lien, Norway’s Minister of Petroleum and Energy, stated that investment in producing fields to raise recovery rates is crucial, while making new projects in mature areas of the North Sea more profitable.
Eric Doyle, Aquaterra Energy’s Regional Director – Europe, said: “Norway is a key strategic region for us and we are investing in resources on the ground with the opening of our new office in Stavanger and the appointment of Arne Harald Egge as sales manager for our Norwegian business. Norway is western Europe’s biggest oil and gas producer and the Continental Shelf continues to provide many opportunities for offshore exploration and we will be focussing on supporting our clients with innovative engineering that delivers the quality and efficiencies they have come to expect of us.”