Westwood takes a deep dive into Norway’s emissions forecast and the impact future electrification projects are expected to have.
Exploration activity over the last decade has been impacted by two major oil price crashes and a global pandemic, which have resulted in large fluctuations in drilling costs, exploration performance and discovered volumes. Despite the maturity of the Norwegian Continental Shelf (NCS), Norway continues to be a global hotspot for exploration.
Westwood Insight – UKCS on track to meet emissions targets but increasing pressure to address intensity
The pressure is rising to reduce emissions from upstream operations. The last few years has seen a reduction in total emissions and improvement in emissions intensity as companies have focused their attention on operational advancements and efficiencies.
Oil and gas exploration in 2021 was remarkably resilient despite the COVID-19 pandemic and accelerating energy transition. The high impact well count was maintained year on year, but performance dropped significantly both in terms of discovered resources and success rates.
Two significant oil discoveries announced by Shell and TotalEnergies in February 2022 have opened multiple new oil plays offshore Namibia. The excitement is understandable, but how significant could the breakthrough prove to be and what challenges need to be overcome to realise the potential?
Westwood Insight – 2021 High Impact Exploration – lowest discovered resource outside Russia for more than a decade
Despite the energy transition, the E&P sector has so far maintained the high impact well count. Whether this will continue beyond 2022 is the question.