Westwood Insight – Norway State of Exploration 2012-2021

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.

State of Exploration Farm-Outs Report

Exploration performance from farm-out wells is at a five-year high, with a 38% commercial success rate driven by improved performance in maturing/mature play wells across NW Europe.