Norway Key Projects and Business Highlights
In 2012, Norway started to collect the first benefits of its exploration in the untapped oil and gas fields of the Norwegian Continental Shelf (NCS).
In the same way, Edvard Grieg field, previously called Luno, appeared much larger than expected, obliging Lundin, the operator, to reshuffle its portfolio of assets to finance the $4.2 billion plan of development and operation on Edvard Grieg.
Total is moving ahead with another giant offshore development in Martin Linge.
In addition to the exploration and development of the new fields, Statoil is targeting to increase its recovery rate from the actual 50% to 60% in using the most advanced techniques of enhanced oil recovery (EOR).
In 2013, Norway should concentrate $37 billion capital expenditure in offshore greenfield projects mostly driven by Statoil, Lundin, Total, OMV and Wintershall with new projects such as Aasta Hansteen and Skruggard.
Statoil to revise upward Johan Sverdrup with Geitungen
While Statoil and its partners, Maersk, Petoro, Det Norske Oljeselskap and Lundin, are running intensive discussions to develop the giant Johan Sverdrup fields, the Geitungen discovery confirms all the potential of the still unexplored Utsira High areas within the Norwegian Continental Shelf (NCS).
Located 140 kilometers west of the Stavanger‘s coast line,
Norway approved Total $4.2 billion Martin Linge project
End of March, the Norwegian Government approved the development plan for the Martin Linge oil and gas field
Lundin Edvard Grieg oil field development approved
The Edvard Grieg oil field was previously called Luno and is located in the Norwegian North Sea close to the Tellus discoveries, 180 kilometers west of Stavanger, Norway.
Statoil and Wintershall swap assets in North Sea
Wintershall from Germany and Statoil from Norway signed an agreement to swap strategic assets in the North Sea and establish a cooperation framework on the enhanced oil recovery (EOR) technologies.
OMV takes 20% stakes in Edvard Grieg (Luno)
In October 2012, the Austrian-based OMV took over the 20% share held so far by the German RWE in the Edvard Grieg offshore project just after that Statoil had acquired 15% from Wintershall in the same project.
Previously called Luna, the Edvard Grieg project is led by the Swedish oil and gas company Lundin to develop the offshore oil and gas field located 180 kilometers west of Stavanger in the Norwegian Continental Shelf.