Connecting to LinkedIn...

W1siziisijiwmtuvmdqvmtuvmdgvntqvmzgvnzi1l01ptlrbu0hfqkxpr19vtljftkrfukvex0lnqudfx3jlc2l6zwrfyw5kx3jlbmrlcmvklmpwzyjdlfsiccisinrodw1iiiwimtkymhgxmjuwiyjdxq

Blog

North Sea essential for gas and oil production

26/02/2016 by Sharon Shahzad

W1siziisijiwmtyvmdivmjyvmtavmtmvmdkvode3l09pbcbyawcgmi5qcgcixsxbinailcj0ahvtyiisijywmhg0mdbcdtawm2uixv0

Experts have said that the North Sea remains an “engine” of gas and oil production. In fact, the Norwegian Petroleum Authority has claimed that the country’s sector of sea still contains over half of its remaining hydrocarbon resources.

In a new report, in which the Norwegian Petroleum Directorate (NPD) spoke about the North Sea’s valuable resources, it was revealed that around 51 per cent of hydrocarbons are yet to be extracted. The remaining 49 per cent are spread evenly between the Barents Sea and the Norwegian Sea, the authority said. As a result, the NPD suggested that the North Sea remains “the engine in Norwegian petroleum activity.” Norway’s North Sea operation currently spans some 65 fields, compared to just one in the Barents Sea and 16 in the Norwegian Sea.

As well as outlining the location of remaining hydrocarbons, the NPD also forecast new results for the total resources available. From 2015’s estimate, it’s now thought that the country’s continental shelf holds around 14.2 billion standard cubic metres of oil equivalents (Sm3oe). Of these, around 47 per cent have already been sold and delivered, the NPD confirmed. As a result, it’s suggested that some 7.6 billion Sm30e can still be produced, with 4.7 billion already proven resources. Meanwhile, about 38 per cent, or 2.9 Sm3oe, is yet to be discovered.

The potential of undiscovered resources means that exploration activity is set to grow across the region. In 2015, explorations discovered yields of around 30 million Sm3oe. In total, 56 exploration wells were made, with 16 discoveries being reported last year. Of these, ten were located in the North Sea, whilst six wells that proved to have resources were in the Norwegian Sea. Estimates are still uncertain as the discoveries in some of the wells are still undergoing evaluation. There are also probably undiscovered oil and gas resources that are recoverable. However, they have not yet been proven via drilling methods.

Currently, the NPD reviews their forecast for undiscovered resources every other year. The latest estimates were calculated last year, with the volume of undiscovered hydrocarbons forecast to be around 2,920 million Sm3oe. This is a rise of 85 million Sm3oe from the accounts from 2014. However, whilst the North Sea is currently providing much of Norway’s oil, it’s the Barents Sea that is suggested to hold the majority of the yet-to-be-discovered resources. The rest is likely to be equally spread between the Norwegian Sea and the North Sea.

About Us

Montash is a multi-award winning global technology recruitment business. Specialising in permanent and contract positions across mid-senior appointments across a wide range of industry sectors and IT functions, including:

ERP Recruitment, BI & Data Recruitment, Information Security Recruitment, Enterprise Architecture & Strategy Recruitment , Energy Technology Recruitment, Demand IT and Business Engagement Recruitment, Digital and E-commerce Recruitment, Leadership Talent, Infrastructure and Service Delivery Recruitment, Project and Programme Delivery Recruitment.

Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

comments powered by Disqus

Social Stream

Latest News

W1siziisijiwmtcvmdqvmjqvmtqvmzqvmzuvnjg3l3nodxr0zxjzdg9ja182mdq2otc5nziuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

What Does A Snap Election Mean For Recruitment?

2017-04-25 08:00:00 +0100

On Tuesday 18th April, Prime Minister Theresa May called a snap general election for 8th June, taking the nation by surprise. Rather than waiting until 2020, voters will now be casting their ballots in a matter of weeks. The hope for the government is that a Tory victory give the prime minister a strong mandate in parliament as Brexit negotiations begin. This sudden decision has been embraced by many in the recruitment industry due to the anticipated st...

W1siziisijiwmtcvmdqvmtkvmtuvndivntgvnjcyl3nodxr0zxjzdg9ja18xmja3mdi1ndcuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

Evolve or Die: The Importance of Being Agile

2017-04-19 18:00:00 +0100

In the high-speed world of IT, agility is essential if you want to stay on top. Over the last 20 years, Montash Managing Director Roy Dungworth has experienced many changes in the industry. But two things never change - the need for business agility and the importance of people. Roy shares his insights after two decades in the industry. The pace of the IT industry increases every year. The way people buy or consume information today is having an enormou...